L&G board reshuffle sees directors’ pay increase

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Legal & General has boosted the pay of some of its senior executives by more than 20 per cent as they take on more responsibility due to a board reshuffle.

L&G group chief financial officer Mark Gregory, L&G Assurance Society chief executive officer John Pollock and L&G Investment Management chief executive officer Mark Zinkula will all take on bigger roles from today.

Pollock assumes responsibility for the savings business division and will now lead an integrated protection and savings business of more than seven million customers, around 6,000 employees and assets under administration of around £100bn.

Zinkula will assume responsibility for unit trust business of Legal & General Investments, which will become part of LGIM.

The base pay for each of the executive directors will increase from £461,250 to £560,000. There is no change to variable remuneration.

L&G states: “To reflect their expanded responsibilities for the delivery of the group’s growth strategy through the five key areas of LGIM International Expansion, Retirement Solutions, Digital Solutions, Protection and Direct Investments, the base salaries of Mark Gregory, John Pollock and Mark Zinkula will be increased.”

L&G group chief executive Nigel Wilson agreed his base salary would not increase until March 2014 when he took the job in June 2012.