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Malcolm bosses get huge rent rise
Page 8
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THE CHIEF EXECUTIVE of the Malcolm Group has ben efited from a massive rise in rental payments from three properties the group occupies which are owned by him
and his brother.
The logistics giant shelled out £824,000 to Brookfield Securities and Loanhead Transport during the period 31 January 2003-30 January 2004. This compares with a figure of £642,000 in the 12 months.
Andrew Malcolm and his brother Walter, who is MD for the group's construction services division, hold "beneficial interests in these entities", according to the group's annual report. Companies House lists them as directors of both firms.
The report also lists Professor Neil Hood as an"independent freethinking non-executive director", even though he has held office for more than the nine years generally considered to be the acceptable limit in this position. The group's company secretary, John Douglas, says Hood has been working for the company since before it transformed solely into a transport group. Regarding the
length of his office, Douglas says: "There are no hard and fast rules. There will come a time when he steps aside and there's a freshening of the board. [Hood is] a long standing valued member of the board."
Douglas explains that the huge rise in rent stems from terms being renegotiated, helped by an independent assessor on an "armslength basis."
He says: "We have had an agreement with the Malcolm family in place for a number of years [and] there hadn't been a rent increase in that period."
Andrew Malcolm's total remuneration package fell by £5,000 to £176,000 in 2003/04.