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Executive pay rockets at mutuals

EXECUTIVES in stock market-quoted companies face harsh new scrutiny over boardroom pay. But bosses at mutual building societies are awarding themselves rises of anything up to 16% - and denying members the right to block the deals.

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The pay of chief executives at the 15 biggest societies shot up by an average seven% in 2002.

All but three enjoyed pay rises exceeding the national average of 3.2%.

The biggest rises went to Derbyshire's Peter Richardson, whose package leapt by 16% to £274,559.

Next came Skipton's John Goodfellow, who received a 12.3% rise, giving him a total of £428,000.



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