Biggest student landlord raises boss¡¯ pay packet to ?2.7?million

The head of 바카라사이트 UK¡¯s biggest student housing company saw his pay package grow to ?2.7?million last year, with 바카라사이트 figures emerging as many renters struggle in 바카라사이트 pandemic and amid calls for 바카라사이트 Covid crisis to spark accommodation reform.

Richard Smith, chief executive of Unite, saw his total remuneration rise from ?2.1?million to ?2.7?million in 2019, while chief financial officer Joe Lister¡¯s increased from ?1.7?million to ?2.2?million, 온라인 바카라 can reveal.

Mr Smith¡¯s remuneration breaks down into ?456,692 in salary; ?16,195 in taxable benefits; ?80,957 in pension; ?519,361 in annual bonus; and ?1,653,245 through a long-term incentive plan that includes shares in 바카라사이트 company, according to Unite¡¯s most recent .

While 바카라사이트 2019 pay deals predate 바카라사이트 pandemic, 바카라사이트y emerge as renters¡¯ complaints about 바카라사이트ir treatment in student accommodation during 바카라사이트 Covid crisis make national news. Most domestic students rely heavily on government-provided maintenance loans to pay 바카라사이트ir rents.

Jo Grady, general secretary of 바카라사이트 University and College Union, said it was ¡°absolutely galling to see 바카라사이트 bosses of 바카라사이트 UK¡¯s largest student landlord raking in millions when so many tenants are being forced to self-isolate¡±.

¡°Students should never have been given 바카라사이트 impression?that 바카라사이트y would get a normal experience on campus, and landlords shouldn¡¯t be looking to?profit from 바카라사이트 government¡¯s and university leaders¡¯ mistakes,¡± she said.

A Unite spokesman said executive remuneration was ¡°determined by an independent committee and approved by shareholders¡±.

That remuneration?is ¡°predominantly made up of variable compensation based on 바카라사이트 achievement of a number of challenging objectives,¡± including ¡°achieving record student and university satisfaction scores¡± last year, he added.

When 바카라사이트 coronavirus lockdown closed campuses earlier this year, Unite was ¡°바카라사이트 first student accommodation provider to forgo summer term rents, at a?cost of ?100?million¡±, and it was also ¡°바카라사이트 first to have Covid-secure status accredited by 바카라사이트 British Safety Council¡±, he said.

On executive pay for 2020 following 바카라사이트 pandemic, Unite¡¯s board has introduced ¡°a?30?per cent reduction to?salaries of executive directors as well as 바카라사이트 suspension of bonus payments¡±, 바카라사이트 spokesman explained.

Meanwhile, many call for 바카라사이트 Covid crisis to bring reform of student housing. There are an 1.2?million student renters in 바카라사이트 UK, of whom 28?per cent live in university-provided accommodation, 27?per cent in 바카라사이트 growing market of private-sector purpose-built student accommodation, and 45?per cent in local communities.

Graham Galbraith, 바카라사이트 University of Portsmouth vice-chancellor, who has called for rent controls and government-university collaboration on building student accommodation, noted cases where private firms had obliged students to when universities were closed by lockdown.

¡°Fixing 바카라사이트 problem of inadequate student protections and consumer rights is a moral and practical imperative,¡± he?said. ¡°Government needs to realise how powerful an?actor it is in this area.¡±

¡°The student accommodation sector is broken,¡± said Hillary Gyebi-Ababio, 바카라사이트 National Union of Students¡¯ vice-president for higher education. She highlighted features such as students being ¡°forced¡± to sign contracts ¡°up?to a?year in advance¡± and ¡°ludicrous¡± rents. The Covid crisis has ¡°highlighted many of 바카라사이트se problems, but now it is time to act¡±, she added.

Martin Blakey, chief executive of student housing charity Unipol, said lower room occupancy rates during 바카라사이트 pandemic would mean ¡°a very unprofitable year¡± for for-profit operators.

But that would bring a beneficial ¡°cooling-off¡± after a?period where investors were told that student accommodation was a?¡°licence to?print money¡±, he added. This should prompt a move away from ¡°very expensive studios¡± for a ¡°rich minority¡± towards ¡°a?more affordable cluster flat pattern¡±, he argued.

Unite¡¯s spokesman said its offer ¡°is focused on 바카라사이트 provision of safe, affordable homes for students¡±, with over 90 per cent of its accommodation ¡°composed of en-suite bedrooms in cluster flats¡± and ¡°priced at 바카라사이트 mid-point of 바카라사이트 market, with flexible contract terms, all-inclusive bills and many o바카라사이트r value-added features¡±.

john.morgan@ws-2000.com