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Soames takes remuneration hit after agreeing Serco move

AGGREKO chief executive Rupert Soames has seen his remuneration fall from £2.7 million to almost £1.8m in his final full year in charge of the business.

The temporary power supplier's annual report for 2013 showed Mr Soames received a basic salary of £675,000 and an annual bonus of £586,228.

However, he gave up the deferred share element of his bonus, potentially 25% of the overall figure, when he announced his resignation to become chief executive of Serco.

Serco is giving Mr Soames shares worth around £1.3m to make up for awards he is giving up by leaving Aggreko. His basic salary at the outsourcing company will be around £850,000.

The Aggreko annual report also states Mr Soames got £202,500 of pension contributions, almost £280,000 of long-term incentive bonuses and around £46,000 of other benefits.

His lower overall remuneration was mainly a result of the near £1.7m of long-term bonus payments Mr Soames got in 2012.

Mr Soames will leave Aggreko next month after 11 years and the annual report confirms he will not receive any compensation relating to his resignation. It also outlined that he will not receive any bonus for 2014.

Angus Cockburn received a £200,000 increase on his basic salary of £400,000 on March 1 this year to reflect the additional duties he has following the move from finance director to interim chief executive.

Mr Cockburn's total remuneration for last year was £1.15m, down from £1.49m in 2012.

Chairman Ken Hanna received a fee of £310,000 for 2013.

Separately Aggreko confirmed it will be providing more power to the Indonesian province of Bali.

It has already successfully re-tendered to continue providing 125 megawatts (MW) of generating capacity but is now adding 45MW to bring the total it provides in Bali to 170MW.

Aggreko said that it will provide around 23% of the total electricity demand in the popular tourism destination.

Demand for power is said to be growing by 9.75% annually but the ability to meet that need is limited by the existing grid infrastructure.

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