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Ex-SSE chief Marchant given £687,000 in fees for Infinis Energy work

FORMER SSE boss Ian Marchant has received £687,000 in consultancy fees for his work helping renewables company Infinis Energy before its stock market listing.

The payment is noted in the Infinis annual report which was published yesterday. Other non-executive directors also received similar payments with Chris Cole getting £36,000, Ray King £13,000, and £10,000 for Alan Bryce.

Infinis listed on the London Stock Exchange main market in November last year at £2.60 per share.

It operates a number of landfill gas, hydro and onshore wind facilities with 12 of its sites in Scotland.

The annual report document shows Mr Marchant, who often attracted criticism for his large remuneration packets while chief executive at SSE and received £665,000 for just his final three months there, received a fee of £81,000 for being chairman of the company.

Mr Marchant sits on the Infinis remuneration committee but does not take part in decisions surrounding his own fees.

The annual report states chief executive Eric Machiels received total remuneration of £3.3 million in the year, up from £681,000.

That came mainly as the result of a near £2.6 million pay-out through a long-term incentive plan. Mr Machiel's is to get a 7.7 per cent rise in his base salary from £383,000 to £412,500.

Infinis said the rise was "designed to bring his salary towards a more appropriate range for a company of our size and complexity in a listed environment".

Chief financial officer Gordon Boyd received the same level of long-term bonus which pushed his overall package up from £529,000 to £3.1m.

Mr Boyd's base salary is to go up two per cent from £300,000 to £306,000.

The company reported a pre-tax loss of more than £29 million for the 12 months ended March 31. Much of that was attributed to £37m of one-off costs associated with its initial public offering. Infinis shares closed flat at 226p.

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