THE chief executive of Smart Metering Systems, Alan Foy, enjoyed a 15 per cent increase in the value of his pay package last year when the firm grew profits 58 per cent.
Glasgow-based Smart Metering Systems’ annual report shows that Mr Foy received £504,234 in 2015 compared with £439,392 in the preceding year.
Mr Foy’s salary increased by around 6.5 per cent annually, to £340,000 from £319,507.
His bonus increased by 40 per cent, to £140,000 from £100,000.
Smart Metering Systems, which installs and manages sophisticated meters for energy firms, achieved strong growth during the year.
The company has capitalised on regulatory changes in the UK that are intended to reduce carbon emissions. Energy firms will have to make smart meters available to millions of householders and businesses by 2020.
Stock market-listed Smart Metering Systems made £17.5 million profit before tax last year compared with £11m in 2014.
The company’s finance director, Glen Murray, saw his total remuneration fall to £157,684 in 2015 from £159,849 in the preceding year.
Mr Murray’s salary increased by 6.5 per cent, to £110,000 from £103,200. His bonus fell 20 per cent, to £40,000 from £50,000.
Chairman Paul Dollman received £90,000 fees in 2015, up 20 per cent from £75,000 in the preceding year.
Mr Dollman intends to stand down as chairman with effect from the firm's general meeting on 26 May. He will be succeeded by Willie MacDiarmid, who held senior positions at Scottish Power and the EAGA energy services business.
Last month Livingston-based smart meter firm Energy Assets said its directors had agreed the terms of a £198 million takeover offer from funds run by US private equity firm Alinda Capital Partners.
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