Taylor Maritime Investments chief executive Edward Buttery has seen his overall pay package jump after taking on extra responsibility.
The boss of the London-listed bulker owner also became CEO of Singapore’s Grindrod Holdings following the December 2022 takeover.
TMI’s annual report lists Buttery’s basic salary as £530,000 in the year to 31 March, plus a bonus of £397,500 and a pension payment of $53,000, for a total of £980,500 ($1.24m).
This is up from £500,000 basic plus a £375,000 bonus and a pension contribution of £50,000 in the previous year.
There was also an additional base salary of £342,500 and a bonus of the same amount from subsidiary Grindrod.
The TMI bonus was based on an assessment of 75% of his performance criteria being met, TMI said.
Of the £397,500, 50% is payable in cash and 50% in shares.
Director, executive team and employee costs dropped to $5.2m from $5.4m in the previous financial year.
Buttery has 615,000 shares in TMI, and his father, Christopher Buttery, has 1m.
The biggest shareholder is Christian Oldendorff with a 15% share.
Director stakes
Director and Carisbrooke Shipping CEO Helen Tveitan de Jong owns 20,000 shares, and fellow director and BW Epic Kosan CEO Charles Maltby has 115,000.
TMI posted a net loss of $53.4m for the year, against a profit of $26.2m in the previous year.
This was due to a revaluation of assets that knocked $73.6m off the bottom line.
The company’s net asset value stood at $485m, with Grindrod contributing $325m to this.
TMI is paying a dividend of $0.08 for the year.
