Leo Quinn’s turnaround efforts at Balfour Beatty have seen him rewarded as the best-paid boss among the industry’s publicly listed firms, according to data compiled by Construction News.
CN looked at pay packets within those CN100 contractors listed on the stock market to compile a top 20 table, which does not include privately owned contractors such as Laing O’Rourke and Mace.
The research showed that Mr Quinn, who took the reins at the UK’s biggest contractor in 2015, nearly quadrupled his pay package with total compensation of £5,393,891 in 2017.
Balfour’s top man saw his pay boosted by a long-term incentive plan based on the FTSE-250 firm’s share price, which netted him an extra £2.1m. On top of that he received an extra £1.2m-worth of shares to compensate for those he gave up when he left defence technology company Qinetiq. His annual bonus more than doubled to £582,000.
Balfour’s pay scheme had sparked a minor rebellion at its AGM in May, with nearly 14 per cent of shareholders opposing the remuneration report.
Mr Quinn has been carrying out an overhaul, dubbed Build to Last, after the firm suffered a string of profit warnings prior to his return to the business where he started his career.
In 2017 the company saw pre-tax profit surge to £117m, up from £10m the previous year.
Mr Quinn’s nearest rival in the pay stakes, Morgan Sindall boss John Morgan received £2.6m – half the Balfour man’s total package.
Morgan Sindall finance director Steve Crummett came third in the top 20 with nearly £2m.
Mr Crummet’s basic pay was boosted by an extra £1.1m from a long-term incentive plan and a bonus of £489,000.
At Costain, boss Andrew Wyllie’s turnaround efforts were recognised as he bagged a total package of £1.7m.
The government is introducing a series of measures on boardroom pay, including forcing firms to publish pay ratios between the workers and bosses, which is due to take effect next January.