Insurance group Beazley Plc has had to revise the 2022 total pay amounts for chief executive Adrian Cox and group finance director Sally Lake following a computation error.
Instead of £245,127 in long-term incentives (LTI) for the year, Beazley said the correct LTI sum for Cox should be £106,663 – bringing total remuneration to £1.51 million instead of £1.64 million. For Lake, the right total is £1.16 million and not £1.26 million.
Explaining the miscalculation, the insurer noted that its latest financial results release contained an error relating to the number of shares used to compute certain alternative performance metrics.
“The original calculation had used the weighted average number of shares for the year (excluding shares held in the employee benefit trust),” said Beazley. “This has been corrected to the closing number of shares as at December 31, 2022 (excluding shares held in the employee benefit trust).”
The company went on to note: “All other numbers within the RNS issued on March 2, 2023 and annual report and accounts issued March 3, 2023 remain the same, save for those impacted by net asset per share within the directors’ remuneration report. These will be updated as soon as practicable within the annual report and accounts.”
According to the Financial Times, its Alphaville blog spotted the mistake prior to Beazley’s confirmation and correction this week.