Intertek to hand boss Lacroix multimillion pound pay boost

Intertek Group, the testing and inspection specialist, is to become the latest in a string of FTSE-100 companies to hand their chief executives a sizeable pay boost.

Sky News has learnt that the company, which has a market value of close to £8bn, will disclose in its annual report on Friday that Andre Lacroix has been awarded a multimillion pound increase in his maximum remuneration package.

Shareholders consulted on the proposals said the increase would largely consist of a substantial hike in Mr Lacroix’s variable pay through his long-term incentive opportunity.

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Mr Lacroix has run the company for a decade, with revenues rising by 62% during that period and operating profit up by more than 80%.

The increase in his maximum pay package will make Mr Lacroix the latest in a series of blue-chip company bosses to see their earnings boosted amid intense debate about the attractiveness of the London stock market.

Dame Emma Walmsley, the boss of drugs giant GSK, will see her maximum payout increase to £21.6m under a new pay policy.

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Earlier this year, Sky News revealed that the chief executives of Barclays and HSBC Holdings would see their packages increase following talks with major shareholders.

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Other companies capitalising on a more permissive mood among institutional investors include British American Tobacco and Compass Group, the contract caterer.

Last year, Dame Julia Hoggett, chief executive of the London Stock Exchange, called for UK CEO pay to be brought more closely into line with that of US-based peers in order to help avert a flow of companies shifting their listings to New York.

Intertek declined to comment.