Exclusive - College of Law pays its CEO over £400k
11 June 2010
The College of Law has released its accounts for 2009, revealing that Chief Executive Nigel Savage has received a financial-crisis-busting 40% payrise. That means he takes home £440,000 in salary and bonuses - and that's before any pension contributions and extra-large wallet allowances are taken into account.
The gravy train continues throughout the management board. Deputy chief exec Alan Humphreys received a generous 33% uplift to £410,000, and every member of the seven-strong board is paid more than £190,000 - an average of £275,000 each.
||Mr Savage on the way to pick up his salary, followed closely by his colleagues |
The College of Law is a charity, and so its governors decide on management remuneration, acting in the best interests of the charity. David Yates, chairman of the governors, told RollOnFriday that the College received advice on remuneration and benchmarked its salaries against comparable organisations and its private sector competitors (his full statement can be read here
However Savage is pocketing more than the Vice Chancellor of every UK university
(other than the London Business School), and almost double what the Vice Chancellor of Cambridge takes home. Amongst charities, Cancer Research UK only pays its boss a modest £270,000, the National Trust pays £160,000 and Oxfam pays a piffling £108,000. And RollOnFriday can reveal he gets four times the pay of the chief executive of a certain leading private law school. So the College has done some pretty crafty benchmarking.
The CoL's students, most of whom pay their fees out of their own pockets, may wonder whether these salaries are really justifiable. The Charities Commission told RollOnFriday that it will investigate instances of "charities deliberately being used for significant private advantage
" and that members of the public were free to make a complaint
if they wished to do so.