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AG Barr chief executive's total remuneration falls

THE chief executive of AG BARR, Roger White, saw his total remuneration fall by around 9% in the year to January 26 although the company increased profits in spite of the distractions of its failed attempt to merge with rival Britvic.

ROGER WHITE: The AG Barr chief executive saw his total remuneration fall by 7% in the year to January 26.
ROGER WHITE: The AG Barr chief executive saw his total remuneration fall by 7% in the year to January 26.

The annual report of Cumbernauld-based AG Barr shows Mr White received total remuneration of £986,000 in the year to 26 January, down by £100,000 from the £1,086,000 he earned for running the IRN-BRU maker in the preceding year.

Mr White enjoyed a 7%, £26,000 increase in his salary, to £406,000 from £380,000.

He is in line for a 3.7% increase in his basic salary to £421,000 in the current year.

Mr White's bonus increased by 23%, or £44,000, to £237,000 in the year to 26 January from £193,000 in the previous year.

However, the value of awards made to Mr White under the company's long term incentive programme that vested during the latest year fell to £182,000 from £392,000 in the preceding period.

The LTIP awards were made subject to the average earnings per share growth recorded by AG BARR over a three year period.

It is seeking approval for a new LTIP at the general meeting in May, under which the normal maximum annual award will rise from 100% to 125% of salary. New provisions will apply under which awards may be clawed back in some circumstances.

In the report, the chairman of AG Barr's Remuneration Committee, John Nicolson, said the firm "remains committed to a responsible approach to executive pay".

He said the group had out-performed the UK soft drinks market in the year to 26 January. Underlying pre-tax profit increased by 9.6% to £38.1m.

AG Barr paid £34.6m wages and salaries in the latest year when the average monthly number of employees was 999, meaning it paid an average salary of £34,638.

Members of the wider workforce got an average 4.1% pay increase.

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