Windfall: David Schwimmer (pictured), head of the London Stock Exchange Group, looks set to get a multimillion-dollar pay rise
The owner of the London stock exchange is planning to double its chief executive’s salary over concerns that US rivals are poaching City bosses.
David Schwimmer, head of the London Stock Exchange Group (LSEG), looks set to get a multimillion-dollar pay rise.
Under the plans, he will have the chance to earn almost double his current maximum package of £6.25 million.
Schwimmer, who took home £4.7m last year, could receive a package worth around £11m a year as British firms face competition from higher-paid US tech companies.
The total amount will include his base salary, bonuses and shares, according to the Sky News report.
Schwimmer’s bonus will increase to 300 percent of his base salary, up from 225 percent. LSEG is consulting its major shareholders before voting on the remuneration policy.
Julia Hoggett, who heads the London Stock Exchange arm of LSEG, warned last year that lower executive pay was making it harder for British companies to attract “global talent”.
“We should encourage and support UK businesses to compete for talent globally, so that we remain an attractive place for businesses to set up, stay and grow,” he said.
“The alternative is to sit idly by while our biggest exports become skills, talent, tax revenues and the companies that generate them.”
An LSEG spokesperson said: “The remuneration committee will present a new policy to shareholders in 2024.
“The policy will focus on attracting, securing, retaining and rewarding the best talent in a competitive global market.”