ATS losses hit former boss Garrett-Cox in the pocket

A poor performance from Dundee-based Alliance Trust’s platform business, Alliance Trust Savings (ATS), has resulted in former boss Katherine Garrett-Cox’s 2017 remuneration package being slashed.

Ms Garrett-Cox was made redundant on so-called “good leaver” terms in February 2016, which meant she is still being remunerated by the £2.7 billion investment trust which moved to a multi-manager approach last year and outperformed its benchmark by five percentage points in the year to December.

However, ATS made a loss of £13.6 million over the period, resulting in the value of the business, which is wholly owned by the trust, being written down from £61.5 million to £38 million.

It also meant Ms Garrett Cox’s package was impacted to the tune of £1.3 million from the previous year, leaving her adjusted remuneration totalling £831,388.

The package included £736,853 of shares that will vest in 2020.

These represented around two-thirds of the maximum shareholding she could have received

Anthony Brooke, chairman of Alliance Trust’s remuneration committee, said: “The committee agreed that the reduction in the value of Alliance Trust Savings should be taken into account in calculating the percentage of the awards which will vest. As a result … the vesting percentage is 62.5 per cent.”