Cairn chiefs set for £6m share payout

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EDINBURGH-BASED Cairn Energy has awarded shares worth £6 million to members of its senior management team – four weeks after a shareholder revolt on executive pay.

Chief executive Simon Thomson, who succeeded Sir Bill Gammell last July, will receive £1.5 million worth of shares under the deal.

At the firm’s annual general meeting last month, there was a 67 per cent vote against the directors’ remuneration report.

A spokesman defended the latest shares award, saying it was a standard management incentive based on performance.

He said: “The recipients do not receive the shares unless the company performance criteria have been met.”

Meanwhile, Edinburgh-based insurance giant Standard Life is bolstering its management structure in preparation for a major move into emerging markets in Asia.