ECB senior executives set to share 2.1 million pound after cutting jobs

“The
most
recent
ECB
accounts
show
that
a
five-year
Long-Term
Incentive
Plan
is
due
to
be
settled
in
cash
in
2022,
with
the
Guardian
having
learned
that
Harrison,
the
board’s
chief
executive
who
was
paid
512,000
pound
last
year
despite
a
voluntary
pay
cut,
and
Sanjay
Patel,
managing
director
of
the
Hundred,
are
among
its
intended
recipients,”
read
a
report
in
the
Guardian.

ECB
chair
Ian
Watmore
said
the
executives
are
being
rewarded
for
their
good
work
amid
the
COVID-19
pandemic.

“Long-term
incentive
plans
are
widely
adopted
across
many
sectors,
including
sports
federations,
as
a
way
of
rewarding
long-term
performance
of
executives
and
leaders
as
well
as
encouraging
retention,”
he
said.

The
latest
ECB
accounts
reveal
that
a
five-year
Long-Term
Incentive
Plan
(LTIP)
will
be
settled
in
2022.

“The
ECB’s
LTIPs
were
created
to
take
us
through
the
negotiations
of
the
last
media
rights
cycle,
the
implementation
of
the
Inspiring
Generations
strategy
and
the
first
two
years
of
its
delivery.

“The
performance
of
the
ECB’s
leadership
across
the
pandemic
has
been
exceptional
and
they
were
among
the
first
to
commit
to
significant
voluntary
pay
and
incentive
cuts
in
2020.
The
LTIPs
began
in
2017
and
will
mature
in
January
2022.
The
board
is
considering
what,
if
anything,
will
replace
them
from
2022
onwards,”
said
Watmore.

Last
year,
it
was
widely
reported
that
players
too
agreed
to
a
15
per
cent
paycut
to
offset
the
losses
caused
by
the
pandemic.

The
paper
reported
that
ECB
suffered
a
16.5
million
pound
loss
in
2020-21
with
its
reserves
dropping
to
two
million
pound
from
a
high
of
73
million
pound
in
2016.