Burberry boss Christopher Bailey nets £10.3 million

The £10.3 million pay and perks package for Burberry’s new boss was today confirmed in its annual report.

Christopher Bailey, the luxury brand’s new chief executive and chief creative officer, gets a basic salary of £1.1 million plus a £440,000 spending allowance.

The package for this coming year includes £330,000 pension contribution, a golden hello share award of 500,000 shares and incentive and bonus shares which could take his payout to more than £10 million.

However, the targets set by the group are high and even in a year of record profit and sales they were not fully met in the past financial year.

The annual report also revealed chief operating officer John Smith and finance boss Carol Fairweather could be in line for up to £4.1 million and £3.4 million if all their targets are hit.

Angela Ahrendts, the former chief executive, received more than £7.9 million in pay and new shares but gave up more than 1.1 million shares.

National Grid boss Steve Holliday saw his pay light up 50% last year to £4.8 million, its annual report said today.