The States-owned firm, which is responsible for high-profile developments such as the Jersey International Finance Centre and College Gardens, was due to hold its annual general meeting yesterday, at which its annual report was due to be tabled for approval.
A ministerial decision instructing the States to approve all proposals tabled at the AGM has revealed that the JDC’s revenue increased from £5 million to £15 million last year largely driven by sales at College Gardens and uplifts in the value of the property portfolio, both of which generated more than £6 million.
The decision also publishes an extract from the director’s remuneration report, which reveals that everyone on the JDC’s payroll, with the exception of managing director Lee Henry, received a pay rise last year.
Two of the board’s non-executive [advisory and non-decision making] directors – Ann Santry and Paul Masterton – saw their salaries increase from £15,000 to £20,000. Chairwoman Nicola Palios had a more modest increase, with her pay packet increasing from £38,000 to £40,000.
Meanwhile, Richard Barnes and Tom Quigley were paid £20,000 and £23,000 respectively last year compared to the £3,000 they each received in 2016, after joining the board in November that year.
Mr Henry was paid a salary of £168,000, £2,000 in benefits and a £33,000 bonus last year – a total of £203,000. That compared to £167,500 and £37,800 in 2016, which amounted to £207,000.
The company’s other executive director, Simon Neal, received £135,000 in wages and a £27,000 bonus in 2017. He was paid a £117,500 salary and £19,800 bonus in 2016.
More than half a million pounds was paid out to the board in salaries, bonuses and pensions payments last year.
The remuneration committee for the JDC, which determines the pay of its employees, is understood to be made up of non-executive directors from the board. Non-executive directors of the JDC are expected to meet around 12 times a year for board meetings.
The ministerial decision, which was signed off by Assistant Treasury Minister John Refault, says the wage levels are based on market rates.
‘The report identifies that salaries for executives or directors are established by reference to those prevailing in the open market generally for directors of comparable status, responsibility and skills in comparable industries,’ it says.
‘The remuneration committee uses executive remuneration surveys prepared by independent consultants to assist in establishing market levels.’
Earlier this month Mr Henry announced that the company was aiming to sell the first building in the Jersey International Finance Centre before the end of July with a profit of £7.5 million anticipated.
The funds are due to be used to pay off company debts and, together with sale proceeds from IFC 5 – the second building in the centre, to help pay for the planned underground public car park in the Esplanade Quarter.
