Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
AIM directors show restraint
Most AIM company directors are showing restraint on remuneration, according to 'Directors' Pay on AIM 2010', compiled by Growth Company Investor.
This eagerly-awaited annual report, produced in association with professional services firm Deloitte, shows the median pay for chief executive officers coming in at £190,300 a year, a rise of only 0.3 per cent on 2009's £190,000 and falling well below inflation. More than half of AIM CEOs have seen no salary increase at all, comments Deloitte partner Bill Cohen, who declares ‘the key theme emerging from this report is one of restraint,' and adds that, though the recession is technically over ‘many companies are still facing very difficult conditions’.
However, the mood of restraint was not universal across AIM. While CEOs have seen little increase, finance directors have enjoyed a 4.2 per cent median pay rise to £139,000, possibly reflecting the increased importance of the role in economically straightened times.
The report also shows that 14 CEOs on AIM were paid more than £1 million. The highest paid was Raymond Chu, former boss of Hong Kong biometrics outfit RCG, who was paid a basic salary of £3.8 million and who has since moved to the role of non-executive director. RCG also had the highest-paid board on AIM, absorbing a total of £5.7 million, while the highest-paid finance director was Rachel Rhodes of London Mining, who was paid £784,000 including bonuses, 24.8 per cent more than the next highest paying finance director, Ivan Dittrich of Datatec, who received a total pay package of £628,000.
The full report contains details of the pay of every CEO on AIM, and includes details such as the pay at companies with the largest losses as well as directors' pay by sector. 'Directors' Pay on AIM 2010' is available for £295 plus VAT by either calling 0207 250 7039 or emailing samantha.hay@vitessemedia.co.uk.
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