ROBERT Arnott saw the total value of the pay he received from Hurricane Energy almost triple last year after resigning as chairman in November following a boardroom disagreement.
The annual report of the Shetland-focused oil and gas company shows Mr Arnott earned total remuneration of £223,000 in 2017, compared with £75,000 in the preceding year.
The report covers a period during which Hurricane approved a field development plan (FDP) for the bumper Lancaster find West of Shetland and raised £400m from investors.
Surrey-based Hurricane expects to bring Lancaster into production in the first half of next year.
The report states: “During the year due to a period of intense and increased workload as the Company sought to secure its fundraising and achieve the FDP, the demand on the Chairman’s time also increased. An additional daily fee of £2,000 (excluding VAT) was agreed. “
The total amount paid to Mr Arnott under this additional arrangement was £123,000.
Mr Arnott was paid £23,000 in lieu of notice upon his resignation.
Hurricane said at the time that Mr Arnott decided to resign after it became apparent there wasn’t an alignment of views between him and the rest of the board on certain aspects of its processes.
It formed a board-level listings and governance committee to evaluate its structures after he left.
On Monday Hurricane announced that industry veteran Steven McTiernan would become chairman on 1 May.
Chief executive Robert Trice’s total remuneration fell to £572,000 in 2017, from £918,000 the previous year.
The 2016 remuneration included £187,000 deferred bonus shares issued in respect of services provided in 2014.
A geologist by training, Mr Trice founded Hurricane in 2005.
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