Ian Tyler took home £1.04m in 2008 as boardroom pay rose 24% to £3.4m

The pay of Balfour Beatty chief executive Ian Tyler broke through the £1m barrier last year.

Ian Tyler
Ian Tyler

His take-home package of £1.04m was 10% up on last year’s figure of £949,248 and included a basic salary of £605,000 and a cash bonus of £336,000.

Deputy chief executive Anthony Rabin took home £720,255, which included a bonus of £226,667. The figure was up 10% on the previous year’s pay packet of £653,951 when he was finance director.

Overall board pay rose by 24% from £2.7m to £3.4m as a result of the creation of the deputy chief executive role last year. Finance director Duncan Magrath, who replaced Rabin in March 2008, took home £483,180.

The rises of about 10% are in line with those awarded at Costain, where chief executive Andrew Wyllie took home a total of £723,634 in 2008 – a 9% rise on £663,679 in 2007.

The pay rises at Balfour Beatty come after a strong performance in 2008, which saw pre-tax profit rise 24% to £249m and turnover jump 27% to £9.5bn. In January the company entered the FTSE 100.