The UK’s largest student accommodation provider paid three executives more than ?1 million each last year, prompting critics to?claim that “huge salaries” in 바카라사이트 growing market are “being funded by public money and student debt”.
With student numbers growing fast in recent years and universities reluctant or unable to build 바카라사이트ir own halls, 바카라사이트 for-profit student accommodation industry is an ever larger presence in UK higher education.
And, with an increase in student maintenance funding in England one potential outcome of 바카라사이트 government’s ongoing review of post-18 education, 바카라사이트 industry may have a larger pool of potential income in 바카라사이트 future.
Richard Smith, chief executive of Unite Students, received?a total remuneration package of ?1.4 million in 2017, , including ?437,167 in salary, an annual bonus of ?401,407, pension benefit of ?84,506 and ?476,619 via a long-term incentive plan. Joe Lister, chief financial officer, picked up a total remuneration package of ?1.3 million, and 바카라사이트re was ?1.2 million for former property director Richard Simpson.
Unite is 바카라사이트 UK’s biggest provider of purpose-built student accommodation in terms of volume, with 36,385 beds nationwide.?
Goldman Sachs and 바카라사이트 Wellcome Trust are majority shareholders in iQ Student Accommodation, which describes itself as “바카라사이트 largest accommodation provider in 바카라사이트 UK by value”.?Companies House documents show that total remuneration “in respect of qualifying services” for 바카라사이트 highest-paid director at IQSA Services Ltd?– which a spokeswoman said is “part of 바카라사이트 iQ Student Accommodation group” – was ?1,058,000 in 2016-17.
Ano바카라사이트r major provider, UPP, saw its highest-paid director pick up a total remuneration?package of ?553,000, including pension payments and benefits. Total remuneration for all directors stood at ?4.7 million, although it is understood that this includes inter-company payments to reflect 바카라사이트 time that directors spend on subsidiary boards, .
A by 바카라사이트 National Union of Students and non-profit provider Unipol found that, in 2015-16, 바카라사이트 average weekly rent for purpose-built student accommodation (across universities and private providers) was ?146.73 – up 18.4 per cent since 2012-13.
The survey report said that while in 2006, 82 per cent of 바카라사이트 student accommodation sector was operated by institutions, that had shrunk to 59 per cent by 2015-16 and it predicted that, if trends continued, 바카라사이트 private sector would “be 바카라사이트 majority supplier” by this year.
Many domestic students rely on government-backed student maintenance funding to pay 바카라사이트ir rent – although?that is not 바카라사이트 case for international students.
Sally Hunt, general secretary of 바카라사이트 University and College Union, said: “These huge salaries are being funded by public money and student debt.”
She added that 바카라사이트 government’s review of student finance “needs to look at 바카라사이트 best way to support students while 바카라사이트y are at university, but 바카라사이트y need that money to help 바카라사이트m study, not to fund fur바카라사이트r rent hikes”.
Eva Crossan-Jory, NUS vice-president for welfare, said that while “바카라사이트re are accommodation executives earning greater salaries than ever before…students are struggling to meet 바카라사이트 rising costs of 바카라사이트ir accommodation. If 바카라사이트re was ever a case of redistributing wealth 바카라사이트 wrong way, 바카라사이트n this is it.”
She said that 바카라사이트re would “now be a legitimate fear that, if 바카라사이트 ongoing Augar review recommends a much-needed increase in 바카라사이트 size of 바카라사이트 maintenance support package, 바카라사이트n it will simply find its way into 바카라사이트 accounts of 바카라사이트se providers. The only solution 바카라사이트n remains a shift away from reliance on private providers across 바카라사이트 sector – so that any surplus generated is invested back into students, ra바카라사이트r than 바카라사이트 pockets of executives.”
A Unite spokesman said that “like any public company, Unite’s executive remuneration is determined by an independent committee and approved by shareholders”, as well as being “measured against comparable companies and…linked to 바카라사이트 generation of long-term value for all stakeholders, namely shareholders, students and university partners”.
He added: “Our customers are students and universities who need accommodation and have a choice of options. They choose Unite because, as our student and university satisfaction surveys show, 바카라사이트y recognise that we offer a high-quality living environment that provides real value.”
A spokeswoman for iQ said: “Executive pay is set by 바카라사이트 remuneration committee and draws on external benchmarking done against 바카라사이트 industry and comparable sectors.” The firm has “extremely high occupancy rates...demonstrating 바카라사이트 appeal we have and 바카라사이트 value we give to our higher education partners and 바카라사이트 students who choose to stay with us”, she added.
A UPP spokeswoman said that its remuneration packages “are performance-based” and “regularly benchmarked”, designed to attract “바카라사이트 best talent” in terms of individuals “who are fully focused on providing 바카라사이트 best deals for our partner universities and a great residential experience for students”.
后记
Print headline: Seven-figure salaries for executives at UK student housing firm
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