June 19, 2024

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UK groups need to pay executives more, says LSEG chief ahead of bumper new package

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UK companies need to pay their executives more to compete with US businesses, said the head of the London Stock Exchange Group whose own package is set to increase by 76 per cent.

Speaking on the day LSEG published earnings, David Schwimmer, a New York native, said that on pay the US was “in a different place” compared with other countries.

“That is an issue that companies that are competing on a global basis from a base in London need to take into account,” the former Goldman Sachs banker said. “If London has an ambition to be a globally leading financial centre and to attract world class companies, that means it has to attract world class talent.”

LSEG is canvassing shareholders to approve an £11mn pay deal for Schwimmer, which is about 76 per cent higher than his current package.

The exchange and data group has benchmarked his proposed salary and bonus package to major US data groups such as index provider S&P Global and research company Moody’s, rather than UK businesses, the Financial Times previously reported, reflecting LSEG’s transformation into a global financial data group.

Schwimmer’s comments echo the view of Julia Hoggett, the head of the exchange, who last year said UK executives should be paid more to retain talent and prevent British companies moving their listings abroad.

Schwimmer has led the company since 2018, after a 20-year stint at Goldman Sachs. He said LSEG has to provide competitive offers to employees in light of rival companies, “a number of which are based in the US”. He declined to comment on his own pay deal.

The executive spoke as LSEG reported revenues of £8bn in 2023, a rise of 7.8 per cent compared with the previous year. Revenues from IPO and equity market trading fell 8.8 per cent year on year in 2023 to £227mn, reflecting the subdued listings environment.

LSEG’s stock market…

2024-02-29 05:41:12

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