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BAE Systems Gives Executives Hefty Bonuses Despite Net Loss in 2003.
Knight Ridder/Tribune Business News, April, 2004
By Brian O'Connor, Daily Mail, London Knight Ridder/Tribune Business News
Apr. 1--Defence group BAE Systems may soon have to defend some chunky payments to top executives for a year in which it was hit by cost overruns and lost a net UKpound 296 million.
Chief executive Mike Turner collected UKpound 1.23 million in pay and perks -- including a UKpound 491,000 bonus and UKpound 46,123 for accommodation in London. His pension pot is worth UKpound 5.85 million. BAE said the pay "reflects improved company performance." Chairman Sir Richard Evans got UKpound 416,000 for a three-day week -- before his UKpound 332,000 pension which, at 61, he is already drawing. His pension pot is UKpound 6.3 million.
Eight directors have pension pots above...
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