EasyJet's McCall doubles pay to £6.44m in 2013 after revenues surge

Earnings for budget airline boss among first to be published under new government clear language guidelines

The boss of EasyJet, Carolyn McCall, almost doubled her pay to £6.44m in 2013.

Her total remuneration was reported by the budget airline under new rules introduced by the business secretary in September that require publication of chief executive earnings in simple terms.

Around £4.2m of her overall pay was in shares that will vest in March 2014, under a long-term incentive plan. McCall, a former chief executive of the Guardian Media Group, also was paid a £1.15m bonus.

EasyJet's chief financial officer Chris Kennedy more than doubled his rewards to £3.74m, including £2.74m in long-term incentive payments.

Pilots in France recently called a one-day strike claiming that management was not sharing record profits with its employees.

A spokesman for EasyJet said McCall's rewards reflected a surging share price and performance over the last three years. He said average salary across the airline was £62,000 and that pay was designed with "a clear link between the value created for shareholders and the amount paid to EasyJet's directors."

"Shareholders have shared in this success through a 120% rise in the share price during the financial year. Dividends of £85m were paid during the year and EasyJet has recently recommended to shareholders the payment of dividends totalling £308m to be paid in March 2014.

"EasyJet's pay strategy is constantly reviewed to ensure it is in line with companies of similar size and turnover in the FTSE 100 and is based on investors' best practice guidance and reflects consultation with our major shareholders. EasyJet is committed to maintaining an open and transparent dialogue with shareholders."

Profits rose 51% to £478m over the 12 months to September 30, as revenues went up 10% to £4.3bn.

The pay at EasyJet is one of the first to be published under new accounting rules brought in by the business secretary, Vince Cable, requiring FTSE companies to include a single total pay figure for top executives, rather than obscuring rewards in incentive schemes.

A report earlier this month showed that while directors have curbed bonuses, rewards diverted into so-called long-term plans have rocketedand pushed top executive pay up by 14% in a year.

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