Drax chief’s £1.1m payout as profits soar

The electricity generator’s annual report reveals her remuneration increased by 22 per cent on the £903,000 she received in 2009.

“The (remuneration) committee has striven to maintain a fair remuneration package,” said Drax’s annual report.

“It needs to reflect the current economic context and the returns to shareholders, while also providing the right rewards and incentives to encourage the management of Drax’s transition to become a sustainable, low-carbon business.

“The committee has considered the environmental, social and governance implications of the remuneration arrangements and is satisfied that they will not lead to irresponsible behaviours.”

Ms Thompson received a bonus of £488,000 on top of a salary of £487,000. She also received benefits worth £88,000 and a £97,000 pension payment, adding up to a total £1.155m.

Finance director Tony Quinlan’s total package was up 30 per cent on 2009, at £780,000. Production director Peter Emery’s total remuneration increased by 22.5 per, cent to £598,000.

North Yorkshire-based Drax grew underlying profits to £390.6m in 2010 from £355m in 2009, while revenues increased 11.6 per cent, to £1.65bn. Earnings per share lifted to 64p from 58p a year earlier.