Clarksons’ top two executives have been rewarded with more bonus shares and options after a record year.
Chief executive Andi Case now has a stake of 2.37% worth £22m ($27.4m) in the London-listed shipbroker, if all restricted and optional stock is included.
And finance and operating chief Jeff Woyda has a 0.63% slice of the world’s biggest shipbroker.
The first set of awards constitute 10% of the 2022 bonus, with deferred shares vesting in 2027.
Case was granted 27,305 of these and Woyda 7,061.
The CEO was also given 26,829 shares as no-cost options as part of a long-term incentive scheme, while Woyda received 17,073 options.
Vesting of these awards is subject to the fulfilment of certain performance conditions over a three-year period, as well as continued employment, followed by a two-year holding period.
Clarksons’ share price closed at £30.35 on Tuesday, down 6% this year.
Record year
In addition, stock from performance awards made in 2019 have now vested, adding 8,951 shares to Case’s total and 2,314 to Woyda’s.
The two bosses sold 4,207 and 1,088 of these respectively, to fund tax bills arising from the awards.
Case now has 561,000 shares equalling 1.83% of the company, plus a further 0.56% in restricted and performance shares.
Woyda owns 104,000 shares for a stake of 0.34%, plus 0.29% in restricted stock and options.
Earlier in April, Clarksons said the men were again waiving part of their bonus as overall pay rose after a record 2022.
The annual report revealed basic pay remained unchanged once more at £550,000 and £350,000, respectively.
But Case’s overall package jumped to £10.11m from £6.65m in 2021. This includes a bonus of £8.4m.
Woyda took home £3.27m, up from £2.04m in 2021, with £2.2m of the 2022 figure being a bonus.
The duo are handing back 8.5% of their bonuses, which will go back into a pot to be divided among employees. This is the same percentage as in 2021, but the amount will be larger.
The cash waived by both over the past five years is £5.5m.
Clarksons posted its best-ever results in 2022, with a pre-tax profit of £101m. Dividends have grown for 20 years straight.
