£1m for first lady of Stock Exchange

The London Stock Exchange has awarded its first woman chief executive, Clara Furse, a £1 million pay packet.

The news comes when shares have just taken their worst battering since the 11 September terror attacks.

Ms Furse's package includes a £475,000 bonus for the past financial year and was paid despite 2001 being the year the stock exchange lost the battle with European counterpart Euronext to take over Liffe, the London futures exchange.

Chairman Don Cruickshank reaped £350,000 for three days' work a week.

Fellow executive directors Jonathan Howell and Martin Wheatley also more than doubled their salaries with bonuses of £320,000 and £300,000 respectively.

The stock exchange said the payments, for the year to 31 March, were calculated on a range of financial targets such as profit growth and earnings per share. It reported a 22 per cent rise in operating profit to £70.5 million-and its share price climbed from 370p to 458p on the back of speculation that it could become a takeover target for either America's Nasdaq exchange or the German exchange Deutsche B?rse.

Ms Furse, 44, a mother of three, emerged as the most powerful woman in the City following her appointment in January last year.

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