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    Sky boss sees pay drop by three quarters – but still takes home almost £5m

    This is a discussion on Sky boss sees pay drop by three quarters – but still takes home almost £5m within the Sky news and announcements forums, part of the SkyUser Announcements category; https://www.theguardian.com/media/20...ters-almost-5m Jeremy Darroch’s 3% pay rise and £2m bonus dwarfed by last year’s £18m bumper pay packet Sky chief executive ...

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      Sky boss sees pay drop by three quarters – but still takes home almost £5m

      https://www.theguardian.com/media/20...ters-almost-5m
      Jeremy Darroch’s 3% pay rise and £2m bonus dwarfed by last year’s £18m bumper pay packet

      Sky chief executive Jeremy Darroch took home almost £5m in the year to the end of June, just a quarter of the bumper pay packet he pocketed in 2015.

      Darroch, who heads up Sky’s pan-European operations, took home £4.75m in pay and bonuses in the broadcaster’s most recent financial year.

      His base salary topped £1m for the first time (£1.01m), thanks to a 3% pay rise.

      Darroch also took home a £2m bonus, up on the £1.96m he was awarded in 2015.

      He also received £1.5m from a co-investment plan run by Sky.

      However, Darroch’s 2015 remuneration of £17.9m dwarfs this year’s payout, when he received £12.8m thanks to the vesting of a long term incentive plan.

      Finance chief Andrew Griffith saw his remuneration drop from £9.4m to £2.4m years year.

      James Murdoch received £153,000 as a non-executive director in the year to the end of June.

      From this year he will receive £400,000 annually after controversially being appointed chairman from 30 April.

      Rupert Murdoch’s 21st Century Fox, where son James is chief executive, owns a 39.1% stake in Sky which effectively gives it control of the broadcaster.

      “As individuals, we believe that effective corporate governance is based on honesty, integrity and transparency and can only be fully realised within an environment of open, robust and effective debate,” said Murdoch in the overview of the corporate governance section of Sky’s annual report. “This is the board culture we foster at Sky and it is my personal responsibility as chairman to ensure that we continue to live this culture and promote it within our business.”


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      Re: Sky boss sees pay drop by three quarters – but still takes home almost £5m

      Shame... only about £4.5 million, how's he going to survive on that pittance!
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      Re: Sky boss sees pay drop by three quarters – but still takes home almost £5m

      The figures sounds great, but they are perhaps a little misleading.

      Ok, on the positive side 3% in this case is a figure that can help Sky financially elsewhere. This is especially important with all their rounds of cuts due to spending too much on buying the rights to some footie matches.

      In truth though all that 3% would have meant to him would have been about £143,000 before taxes. Since he's earning so much he'll be paying tax at a rate of 45% on that money, which means he'd only see around £78,000, which is still more than the average salary in the UK.

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      Re: Sky boss sees pay drop by three quarters – but still takes home almost £5m

      His BASE salary is over 1 million. Even with NI, Tax at 45%, private medical insurance and his pension contributions etc he'll still be taking home substantially more than £78,000, then there's the extra income too.

      Please forgive me for not feeling sorry for him.
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      Re: Sky boss sees pay drop by three quarters – but still takes home almost £5m

      I'm not feeling sorry for him either. Personally I think that its a good thing in light of all the cuts that Sky has had to make internally in the past year.

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