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19-21 Broad Street | St Helier Jersey | JE2 3RR
Deputy Helen Miles
Chair
Corporate Services Scrutiny Panel
By Email
10 July 2024
Dear Deputy Miles
States Owned Entities: Remuneration
Thank you for your correspondence of 2 July on the above subject.
I have set out in the Appendix the remuneration of both the Chief Executive Officers and Chairs of the States Owned Entities ("SOEs") as appears in the SOEs' respective Annual Reports and Accounts ("ARAs") for the relevant periods.
Your letter refers to both wholly owned SOEs and all the SOEs, which would include the majority- owned entities. The Appendix, therefore, provides information with respect to all the SOEs, but I would comment that the oversight and relationship with the majority-owned SOEs is by necessity different to that with the wholly owned SOEs.
Please note that Provision 34 of the UK Corporate Governance Code provides that the remuneration of non-executive directors, such as the Chair, "should not include share options or other performance-related elements". In compliance with this Provision, it will be noted that Chair remuneration does not include performance-related pay or bonuses (although the tables in the Appendix refer to the "salary" of the relevant Chairs, they are not employees and receive a fee rather than a wage).
Finally, I can confirm that the 2023 ARA of The States of Jersey Development Company Limited has been finalised and on 4 July 2024 I presented both this report and the 2023 ARAs of each of the SOEs to the Assembly in R117/2024 (r.117-2024.pdf (gov.je)).
Yours sincerely
Deputy Elaine Millar
Minister for Treasury and Resources
D +44 (0)1534 440215 E e.millar2@gov.je
APPENDIX
Andium Homes Limited
CEO
Salary Bonus Pension Other benefits *
2019 192,780 - 27,760 - 2020 192,780 - 29,303 - 2021 192,780 - 30,845 980 2022 198,563 - 31,770 2,129 2023 214,250 20,000 34,280 2,318
* healthcare and dental care
Chair
Salary
2019 40,000 2020 40,000 2021 37,699 2022 40,000 2023 41,300
Jersey Post International Limited
CEO
Salary Bonus Other benefits *
2019 214,000 54,000 15,000 2020 229,000 75,000 6,000 2021 235,000 74,000 6,000 2022 *1 119,000 - -
2022 *1 134,000 - 8,000 2023 261,000 106,000 10,000
* includes both pension and health insurance *1 new CEO appointed during the 2022 year
Chair
Salary
2019 40,000 2020 40,000 2021 40,000 2022 40,000 2023 44,000
JT Group Limited CEO
Salary Bonus LTIP Pension
2019 250,000 2020 261,000 2021 291,000 2022 * 183,000 2022 * 118,000 2023 285,000
132,000 - 36,000 - - 40,000 60,000 120,000 20,000 53,000 16,000 30,000 41,000 27,000 5,000 104,000 62,000 46,000
* interim and then permanent CEO appointed during the course of 2022 Chair
Salary
2019 56,000 2020 57,000 2021 58,000 2022 58,000 2023 60,000
Ports of Jersey Limited CEO
Salary Bonus Pension
2019 * 107,000 37,000 15,000 2020 200,000 - 31,000 2021 230,000 94,000 37,000 2022 253,000 139,000 40,000 2023 272,000 137,000 44,000
* CEO appointed in July 2019 Chair
Salary
2019 50,000 2020 50,000 2021 50,000 2022 60,000 2023 60,000
The States of Jersey Development Company Limited CEO
Salary Bonus Pension Other benefits
2019 173,750 33,013 26,063 1,885 2020 179,000 26,850 26,850 1,885 2021 182,650 54,795 27,398 1,885 2022 191,800 56,773 28,770 1,885 2023 203,308 61,399 30,496 2,822
Chair
Salary
2019 40,000 2020 40,000 2021 40,000 2022 40,000 2023 43,655
The Jersey New Waterworks Company Limited (for the financial year ended 30 September) CEO
Salary Bonus Pension Other benefits * 2019 129,000 22,000 20,000 6,000
2020 175,000 22,000 27,000 4,000
2021 180,000 32,000 28,000 12,000
2022 188,000 38,000 29,000 11,000
2023 197,000 38,000 30,000 12,000
* includes private health care, death in service insurance and a car allowance. Chair
Salary
2019 18,000 2020 27,000 2021 29,000 2022 31,000 2023 32,000
Jersey Electricity Plc (for the financial year ended 30 September) CEO
Salary Bonus Pension Other benefits
2019 242,665 93,750
2020 249,985 87,750 (+ 47,250 deferred) 2021 256,336 77,000 (+ 63,000 deferred) 2022 263,921 87,000 (+ 58,000 deferred) 2023 298,515 93,000 (+ 56,440 deferred)
64,549 15,327 66,496 15,542 68,185 15,970 70,203 16,119 79,405 16,255
Chair
Salary Benefits 2019 35,600 1,745 2020 43,000 1,850 2021 43,000 1,882 2022 43,000 1,762 2023 58,000 1,551