The average remuneration of Independent Newspapers' executive directors increased by almost 37 per cent from £251,000 to £344,000 last year, the Independent annual report reveals.
The number of executive directors increased from nine to ten, and these received a total of £3.7 million last year compared to the £2.26 million that nine executive directors received in 1996. The 1997 figure includes a £273,000 payment into Mr John Featherstone's pension fund when he transferred from executive to non-executive director.
The biggest factor in the increased remuneration was £834,000 in payments under Independent's long-term incentive plan. No such incentive payments were paid out in 1996.
Basic salaries increased from £1.38 million to £1.59 million, benefits-in-kind rose from £98,000 to £217,000, directors' fees from £77,000 to £99,000 while the annual bonus rose from £404,000 to £438,000.
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