œ66,000 rise for Taywood boss

Taylor Woodrow chairman Colin Parsons has received a 28% boost in his pay, according to the new annual report.

The figures, released just weeks after the firm announced cuts of 10% in its UK construction division, show that the main board enjoyed an 18% increase in total pay, excluding pension contributions.

Parson's pay rose by œ66,000 to œ278,000 - but only œ4,000 of this was down to the profit-related pay scheme. The 10-strong board saw its total remuneration rise from œ1.4 million to œ1.63 million, including pension payments. Meanwhile, employees' wages were increased by an average 4.2%.

A Taywood spokesman said the executive pay rises were recommended by an independent remuneration committee. He pointed out that Parsons' rise was probably in recognition of the fact he had turned the group round from a œ66 million pre-tax loss in 1992 to a œ50.8 million profit last year. n Laing chairman, Martin Laing had a 13% pay increase in 1994, increasing his salary to œ264,915. Incentive payments were up from œ37,800 to œ52,726, while basic pay rose by 8%.