Yorkshire BS chief’s £748,000 pay award

YORKSHIRE Building Society’s chief executive Chris Pilling received a total remuneration package of £748,000 last year, the mutual lender’s annual report has revealed.

The package included a salary of £462,000 and a bonus of £389,000, which encompasses deferred payments subject to future performance. Mr Pilling joined the Yorkshire from HSBC on December 31, 2011. The report said overall remuneration is market-related “thus ensuring a competitive package that fairly reflects the market rate, skill, experience and expertise for the role”.

Mr Pilling’s predecessor Iain Cornish was the most highly rewarded building society chief executive in the region in 2011 with a total remuneration package of £742,000. His basic salary was £446,591 in 2011 and he received a further payment of £250,203, which included his pay, pension allowance and benefits for the six months to the end of his official notice period on July 1, 2012.

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Last month, the Yorkshire unveiled a £160m five-year spending plan as it posted core operating profits of £137.2m in 2012, a 16 per cent fall on 2011. But Mr Pilling said it was the second-highest core operating profit the Yorkshire has ever had. Statutory pre-tax profits were boosted by a debt buyback, growing 21 per cent to £157.1m.

The Yorkshire’s sales and marketing director Ian Bullock, corporate development director Andy Caton and finance director Robin Churchouse received total remuneration packages of £447,000, £411,000 and £448,000 respectively last year, up from £411,000, £375,000 and £409,000 in 2011.

Their salaries were £286,000, £264,000 and £286,000 respectively, and their bonuses for 2012 were £151,000, £146,000 and £150,000.

Non-executive chairman Ed Anderson’s total fees were £142,000, up from £135,000 in 2011.

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