The total pay of British Land chief executive Chris Grigg has slumped from £3.62m to £1.95m.
Grigg’s total remuneration fell because of significantly lower annual incentive and long term incentive awards, according to British Land’s annual report.
“Over the year under review, despite the company delivering good financial results in an eventful year, our relative property sector performance has been slightly above or just below market level rather than delivering the clear outperformance we aspire to achieve,” said William Jackson, chairman of the remuneration committee, in the annual report.
The annual incentive award of £418,000 was half of last year’s total and one third of the maximum because the company missed quantitative targets of total accounting return vs property majors and ERV growth against IPD.
“This (the annual incentive) is a significant reduction over earlier years and shows that our pay structure is truly variable and reflects performance achieved,” said Jackson.
The long-term incentive plan (LTIP) awards maturing this year, which are based on performance over the three years to the end of March 2017, are set not to vest and only half of the matching share plan (MSP) award made in respect of 2014 is expected to vest. As a result, the long-term incentives totalled £356,000 this year, down from £1.6m last year.