The 2008 accounts are now available for the Waterfront Enterprise Board (see link below) and they make interesting reading. The principal activity, in case it is forgotten, of WEB is "property holdings, development and estate management".
The income comes largely from rental income which includes the Waterfront Car Park, the Waterfront Estate, new rentals on the Weighbridge, rent of the transportation centre. These are all "outside" the States, and I think it includes the new bus station as well. This means that if you wonder why the new bus station has had a rent hike, ask WEB. Because WEB is separate as an entity (a Quango), if they raise rents on something like the bus station, the States subsidy for Connex has to be increased, so the States are financing WEB in a round about way!
The Managing Director, Steve Izatt started in May 2007, and received £95,321 for 2007. For 2008, as detailed in the accounts, he received a basic salary of £170,000, benefits of £11,291, a bonus of £30,000, making a grand total of £211,291 per annum 95,321 (7 May 2007). In addition, the accounts note an additional £30,000 accomodation allowance not included in the benefits figure, and an additional £25,500 pension contributions, making an even grander total of £266,791
If you think this seems excessive (and I do!), by way of comparison look at 2007, for States Employees - including the Crown officers:
During 2007, 464 Public Sector Employees (7.73% of the total) earned in excess of £70,000. These earnings include overtime, standby and other allowances in addition to basic salary. They also include the employer's pension contribution of 15.6% that is applied to basic salary. The list also gives the top 5 earners in the States in the range £230,000 to £249,000 (they are non-traders, and almost certainly include at least one Crown officer). The top traders (i.e. employees including chief officers in a trading committee, in a way the equivalent of WEB) have their highest with 2 employees in the range £110,000-£129,999. None of these figures include WEB!
The employees pay, also listed in the WEB accounts (and increased because of managing the car park themselves in 2008) rose from £388,315 in 2008 to £471,046. It is not detailed how many employees there are.
When all other remuneration is factored in, including directors, the total salaries and emoluments in the accounts is £785,100 (up from £561,872 in 2007)
The board meets 17 times a year, and includes in addition to States members (unpaid)
Jurat Tibbo - who saw a rise in pay from £12,000 (2007) up to £21,785 (2008)
Mr PJ Crespel - who remained at £10,000 for both years, and is in charge of the remuneration board (that which sets pay for web members, including Mr Izatt and Mr Tibbo.
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