Royal Bank of Scotland chief executive Sir Fred Goodwin has again been comfortably outranked in the corporate pay stakes by the man who audits the bank's accounts.
John Connolly, chief executive at Deloitte in the UK, saw his pay packet soar to £4.7m last year as the accounting firm's income climbed 15.6% to £1.8bn. Connolly's £90,000-a-week package topped the £77,000 paid to Goodwin.
Connolly was re-elected by the partnership to serve a third term in 2005 after masterminding a 500% rise in Deloitte's UK profits since he took over in 1999. He is lead auditor on the highly lucrative Royal Bank account, which earned the firm £23m in fees globally in 2006/07.
Some 32 Deloitte partners in Scotland participated in an average partner profit share of £877,000, a 15% increase, as the firm maintained a bullish growth record. Pre-tax profits rose 22.3% to £564m in the 12 months to May 31.
Ralph Adams, senior Deloitte partner in Scotland and Northern Ireland, commented: "The past year has seen continued strong growth for the Scottish practice, mirroring the picture for the firm across the UK. To support this growth, we have increased our head count by over 12% and now have more than 500 people based in Scotland (Edinburgh, Glasgow and Aberdeen). We have also gained an array of new clients across all key industry sectors and have achieved significant growth across all service lines."
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