THE former chief executive of Alliance Trust received a salary and benefits package worth more than £1.2 million during 2016, despite being made redundant at the beginning of the year.
Katharine Garrett-Cox, who was ousted from her role in February 2016 after a campaign from activist investor Elliott Capital Advisors, received a salary for the year of £425,000 in addition to pension contributions of £106,000.
Her total package also included a £410,000 bonus for the 2015 year and £379,079 from a long-term incentive plan. In April this year, she will receive a further £587,352 for long-term incentives related to past performance.
A note to the trust’s annual report said that “all of these payments were within the terms of the company’s remuneration policy”, which was approved by shareholders.
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