Britain's two biggest property companies have made sharply contrasting decisions on executive pay following turmoil in the market, with Land Securities scrapping bonuses and British Land maintaining remuneration at pre-crisis levels.

Excluding the remuneration of the chief executive, with Chris Grigg taking over the job from Stephen Hester, during the 12-month period to 31 March, British Land actually increased pay to its board by 11% to £3m.

Mr Grigg, who joined as chief executive on 12 January, receives a total of £357,574 for 11 weeks’ work after overseeing the company’s £740m rights issue, which was designed to bolster its balance sheet.

In contrast, Land Securities’ remuneration committee cancelled bonuses for executives, with the exception of £130,000 to Ian Ellis for the sale of outsourcing arm Trillium.

Daily Telegraph