Jul 27, 2017

Sky chief’s pay package boosted by £11.5m

Although the full details of Mr Darroch's pay including bonuses will not be revealed until the company publishes its annual report later this year, in 2016 he received a pay package of £4.7m, including a basic salary of £1m, a bonus of £2m and proceeds from a co-investment share scheme of £1.5m. But a year earlier, he picked up a total pay package of £17.8m - his highest since taking over at the broadcaster in December 2007. Sky defended the latest compensation, saying: "These awards relate to performance during 2014-2017, during which time Sky has continued to grow revenue every year, significantly increased its customer base and consistently been rated best in customer service." Stefan Stern, director of the High Pay Centre, which tracks executive pay, said Mr Darroch's latest cashing-in was more evidence that the model for paying FTSE 100 chief executives was broken. A CMA inquiry could take at least 24 weeks, and if the deal is not completed by the end of this year - as looks likely - then Sky will face a bill of £172m after agreeing to pay a special dividend to shareholders. Churn, the rate of customers cutting ties with Sky, was 11.5 per cent, a level Mr Darroch said was "Higher than we would like".

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