Feb 28, 2018

Unilever chief Paul Polman’s pay rises 40 per cent

The chief executive of Unilever received a 39 per cent pay rise last year, boosted in part by a stronger share price after the aborted $143bn bid last year by Kraft Heinz, the US food group. Paul Polman's total salary of €11.7m in 2017 was up from €8.4m the year before, according to the Anglo-Dutch group's annual report published on Wednesday. Graeme Pitkethly, director of finance, also had his pay packet increase - by 50 per cent - to €3.1m. Mr Polman's base salary will increase for the first time since 2013 by 5 per cent to €1.8m. His salary is set in sterling but paid in euros and took a hit this year from a more unfavourable exchange rate. His annual bonus was similar to last year's figure at €2.3m. The consumer products group has overhauled its pay structure and requires Mr Polman and other senior executives to invest their annual bonus in Unilever shares in order to maintain their rate of pay. Unilever is in the process of simplifying its pay structure for senior managers by aiming to scrap one of the long-term incentive schemes next year.

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