Information regarding Turnaround Director of Ferguson Marine: FOI release

Information requested

1. Is Mr Hair to receive a lump sum pay-off package and, if so, what is the amount of money involved?

2. How much money has Mr Hair been paid in remuneration and expenses since he took up his role as Turnaround Director and today?

3. How much money will Mr Hair have been paid in remuneration and expenses by the time of his official departure on February 1 next year?

Response

1. No, Tim Hair will not receive a lump sum pay-off package. There was a retention arrangement put in place whereby 10% of each month’s fees was accrued to be invoiced at the end of December 2020. Since then a further retention arrangement has been in place whereby 20% of fees since July 2021 were held back to be paid at the end of December 2021.

2. Please refer to Annex A, which gives a detailed breakdown of Tim Hair’s remuneration and expenses.

3. Please refer to Annex A, which gives a detailed breakdown of Tim Hair’s forecasted remuneration and expenses.

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FOI202100265530 - Annex A

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1 page PDF

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118.9 kB