Electronic trading major IG Group has published its latest annual report, shedding light on top management remuneration, including joining arrangements for Breon Corcoran.
As announced in December 2023, following a comprehensive global search process Breon Corcoran was appointed as CEO.
Breon Corcoran’s salary was set at £800,000 on appointment and will not be increased for FY25.
The Remuneration Committee commented:
“The committee recognises that this represents a significant increase versus his predecessor, however, it is of the view that this salary is appropriate given Breon’s skills, experience and track record of driving performance and delivering long-term shareholder value.
It also noted that his salaries in previous roles were broadly consistent with the base salary offered at IG. His base salary is positioned within the market competitive range for other companies of a similar size and complexity and for other companies in the financial services sector where the Group competes for talent and the Committee considered the positioning appropriate taking into account his skills and experience”.
Breon Corcoran will be eligible for an SPP award of up to 500% of base salary per annum. For FY24 he will receive a reduced SPP award of 250% of salary reflecting that he joined mid-way through the financial year.
With Breon Corcoran joining the Group at the end of January this year it was agreed that, acknowledging the limited period of the financial year remaining, for FY24 the annual award component of his SPP award would be based solely on the non-financial performance metric, on the basis that this is the area where he had the most opportunity to impact the business over his first few months in role. This award therefore had a maximum value of 100% of base salary.
The Committee judged that the non-financial measures should be paid out at 92% of maximum. Breon Corcoran was also granted a Long-Term SPP award with a value of 150% of base salary fully focussed on the Company’s TSR over the period 1 June 2023 to 31 May 2026. There were no buyouts of awards from previous roles associated with the appointment.
IG provided some information on the leaving arrangements for June Felix.
June Felix, former Chief Executive Officer, stepped down from the Board on 29 August 2023, and remained an employee of the Company until 29 September 2023 to provide an orderly handover. Between 29 August 2023 and 29 September 2023, she continued to receive her base salary totalling £62,757. She also received dental insurance, income protection, life assurance and private medical insurance, and her fixed benefits allowance in cash for the period with a total value of £7,530.
Ms Felix received a payment of £493,920 in lieu of base salary, benefits and pension allowance for the period to 31 May 2024, paid in instalments and subject to mitigation. The remaining balance of June’s pay in lieu of base salary, benefits and pension allowance is £185,220 and will be paid over her remaining notice period. She also received £105,000 for accrued unused annual leave.
