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The two principal executive directors of TClarke (LSE:CTO), Mark Lawrence, CEO, and Mike Crowder, MD, are very experienced in the mechanical and electrical fit-out business. Mark has been with the company since his teenage years. Because of his depth of dirty-hands knowledge he understands the coalface like few others – “He regularly walks project sites and gets involved personally with many of our clients, contractors and our supply chain.” (2017 Report)
Mike Crowder, also started with TClarke as an apprentice, at 21. His project management experience is very useful in keeping things on track, being able to communicate at many levels within the organisation and outside it.
The final executive director, Trevor Mitchell, FD, (57) was appointed only in February for an interim term of one year. It’s not known why the previously FD left, but the £2.4m accounting fraud discovered in one of the subsidiaries a couple of years ago probably didn’t help his reputation.
Non-executive directors:
Iain McCusker, 66, Chairman for a couple of years. Joined board in 2009.
Tony Giddings, 66, joined 2014. Construction background.
Mike Robson, 57, joined 2015. Accounting and FD background
Peter Maskell, 60, joined 2018. Electrical engineering background.
While they seem a good team they certainly like to take a large chunk of the profits for themselves. Total board remuneration was £0.87m in 2013 and £0.94m in 2014. Now they are paid around £2m, with the CEO taking £871k.
For a company with a market capitalisation of only £35m and profits of £5m to pay NEDs over £40,000 and executives the best part of million pounds is very generous indeed.
I tried challenging the board openly, and the chairman privately, on this subject once. Of course, I was told it was to be more carefully considered, etc. – but the result of their consideration is more money all round (that’s how effective I was!).
As investors I suppose we have a choice: either remove the senior team and accept the risk of a collapse of organisational cohesion and leadership, or pay up.
| Remuneration 2015 | Remuneration 2016 | Remuneration 2017 | Shares held 2017 | ||||
| Mark Lawrence, CEO | £436k | £589k | £871k | 41,273 | |||
| Mike Crowder, MD | £398k | £522k | £777k | 33,273 | |||
| Martin Walton, FD | £338k | £415k | £361k | 31,273 | |||
| Danny Robson (resigned) | £333k | £164k | n/a | ||||
| Non-executives | |||||||
| David Henderson | £37k | – | – | – | |||
| Iain McCusker | £49.5k | £51k | £60k | 2,000 | |||
| Beverley Stewart | £45.5k | £45k | £19k | 21,000 | |||
| Tony Giddings | £45.5k | £45k | £46k | 2,000 | |||
| Mike Robson | £45.5k | £45k | £46k | 2,000 |
What rubs the salt in is the refusal of any of the directors to buy shares in the firm, thus………………..
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