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☆ Denise Coates: Bet365 gambling executive’s $281 million salary deemed not ‘sensible and proportionate’
▼ + stars: | 2024-01-10 | by ( George Ramsay | ) edition.cnn.com time to read: +4 min

CNN —The founder and boss of gambling company Bet365 earned a salary of around $281 million (£221 million) in the last financial year – ending March 26, 2023. Denise Coates, the joint-chief executive and majority shareholder of Bet365, also earned at least 50% of the company’s $127 million (£100 million) in dividends on top of her $281 million salary, company accounts published on Sunday show. Her base salary is an increase of about $10 million compared to last year, even as Bet365 made pre-tax losses of around $77 million (£60.2 million). The Coates family was also estimated by the Sunday Times to be the UK’s second-highest tax payer in 2023, contributing around $585 million (£460 million). Last year, the club incurred pre-tax losses of $15.8 million (£12.4 million).

Persons: Bet365, Denise Coates, Coates, BBC –, Luke Hildyard, “, Nathan Stirk Organizations: CNN, BBC, Pay, Trent, Denise Coates Foundation, Sunday Times, Forbes, Bet365, Stoke City Football Club, Commission Locations: Bet365, English, Stoke, Trent

☆ Fat Cat Thursday: UK CEO pay already exceeds average worker salary for the year
▼ + stars: | 2024-01-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The average FTSE 100 CEO will have earned more this year than the median full-time worker's annual salary by 1 p.m. London time on Thursday, according to estimates from the High Pay Centre think tank. The calculations are based on the High Pay Centre's analysis of the most recent available CEO pay figures from British blue-chip companies' annual reports, compared with government data on pay levels across the U.K. economy. Median FTSE 100 CEO pay (excluding pension) currently stands at £3.81 million ($4.84 million), 109 times the median full-time worker's pay of £34,963, the think tank said. This represents a 9.5% increase on median CEO pay levels as of March 2023, while the median worker's pay has risen by 6%. The High Pay Centre highlighted that in December, Legal and General Investment Management adjusted its executive pay guidelines to permit companies it invests in to offer more generous incentive payments.

Persons: Britain aren't, Luke Hildyard Organizations: General Investment Management Locations: London, Britain

This, regulators say, makes it harder for banks to cut costs and absorb losses in a downturn. But many bankers are expected to resist swapping guaranteed pay for potentially higher bonuses, which can swing wildly across economic cycles. UK Finance, the industry body for banks in Britain, did not respond to the public consultation, leaving individual members to comment if they wanted to. Others warned against overplaying the significance of bonuses in Britain's battle to grow its financial sector, still reeling from the loss of big-ticket listings, such as Arm Holdings. "Compensation is a small point in the grand scheme of things of a vibrant financial sector.

Persons: Toby Melville, Luke Hildyard, there'll, Suzanne Horne, Paul Hastings, Horne, Simon Patterson, Edelmann, Oliver Wyman, Sinead Cruise, Huw Jones, Tomasz Janowski Organizations: City of, Regulators, European Union, Bank of England, Financial, Bankers, Reuters, European Banking Authority, International Employment, Britain, EU, Finance, Arm Holdings, Thomson Locations: City, City of London, Britain, Banks, European, New York, Singapore, EU, Paris, Frankfurt, United States, Japan, Switzerland, London, Europe

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