Tuesday, 27 July 2010

Feathering the nest?

BW Directors have had a good year even if the rest of the business has suffered. According to the Annual Accounts, last year the value of their pension funds increased by £1.8 million pounds. (Annual Accounts page 47).

Robins Evans pension fund increased by in excess of 33% in the year and spin master general, Simon Salem's pension pot increased by 43%, which the annual report claims will provide them with pensions of £78 000 and £63 000 a year respectively.

Now I don't how that increase I was achieved and maybe the directors had a result on their Lottery Syndicate? However it is curious that at a time when everyone else's pensions are reducing in value that the BW Directors pension funds did so well.

As predicted their property portfolio sucked money out of BW instead of providing net income. Page 50 of the annual reports suggests a net loss for the year of in excess of £12 million.

Can someone explain?

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