Private equity firm Bridgepoint is under fire for failing to reveal the lion’s share of its executives’ pay
Bridgepoint is under fire for failing to reveal the lion’s share of its executives’ pay.
The private equity firm, which listed on the London Stock Exchange in July, will have to disclose the salary and bonuses handed to its boss William Jackson and other top brass.
But it will not publish their so-called carried interest – a notoriously secret share of profits paid to staff in private equity firms, which can often stretch into the millions of pounds.
Lack of transparency: Private equity firm Bridgepoint listed on the London Stock Exchange in July
When Bridgepoint completed its initial public offering (IPO), it insisted the rare move would bring transparency to the murky world of private equity. Sources close to the firm said at the time it heralded ‘a new period of openness’.
But it is refusing to disclose how much carried interest each of its executives will receive, saying it has no obligation to do so.
This means shareholders who bought into Bridgepoint will have little idea of how fully its management are being rewarded.
Lord Mann, former chairman of the Treasury committee, said: ‘It is imperative that there is full disclosure – Parliament is hamstrung in its duties if it cannot see the full remuneration.’
In 2020, Bridgepoint paid out £12.9m in total carried interest, most to its best-performing staff.
A spokesman for Bridgepoint said: ‘We have followed all relevant UK listing disclosure regulations in our prospectus, as confirmed by regulatory, legal and accounting counsel.
‘To suggest otherwise is both misleading and inaccurate.’
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