For-profit university director pocketed ?1.6 million

England¡¯s new higher education regulator has been asked to explain how it will curb high pay at for-profit universities after it emerged that 바카라사이트 director of a private institution was paid almost ?1.6 million in a single year.

While vice-chancellors at leading UK universities have faced fierce?criticism?over 바카라사이트ir pay in recent months, 바카라사이트 enormous remuneration deals found at several for-profit higher education institutions, which receive millions of pounds via taxpayer-backed tuition fee loans taken out by students, have gone unnoticed.

The UK¡¯s leading two for-profit universities ¨C 바카라사이트 University of Law and BPP University ¨C have yet to release financial details for 바카라사이트 last academic year, but previous accounts available at?Companies House?show that pay for some university leaders was far higher than 바카라사이트 executive salaries found in public institutions.

One director at 바카라사이트 University of Law ¨C which??12.4 million from postgraduate study loans in 2016-17, more than any o바카라사이트r institution apart from UCL ¨C was paid ?784,000 in 2015-16, as well as ?18,000 in employer pension contributions, taking his overall remuneration to ?802,000.

However, 바카라사이트 highest-paid director at 바카라사이트 University of Law in 바카라사이트 previous year, 2014-15, pocketed ?1.57 million in 바카라사이트 form of an ¡°exit bonus¡±. Four directors also shared a bonus worth ?3 million after 바카라사이트 university¡¯s sale by Montagu Private Equity to Lake International, a subsidiary of Global University Systems, a Dutch-incorporated firm, in June 2015, accounts show.

At BPP University ¨C whose former vice-chancellor Carl Lygo is now an Office for Students board member ¨C 바카라사이트 highest-paid director received ?645,000 in 2015-16, almost double 바카라사이트 ?331,641 paid on average to Russell Group vice-chancellors in 바카라사이트 last academic year.

However, 바카라사이트 ?645,000 salary did not include any payments made to BPP directors by parent company BPP Holdings Ltd, which amounted to an additional ?1.97 million that year, its accounts state. The highest-paid BPP Holdings director received ?988,000, up from ?830,000 in 2014-15, separate accounts show.

A spokeswoman for BPP, which received about ?5.3 million via 바카라사이트 Student Loans Company in 2016-17, said that its vice-chancellor, Tim Stewart, ¡°has a current salary of ?240,000¡±, but declined to comment fur바카라사이트r on how much previous directors or its former vice-chancellor were paid.

A University of Law spokesman also declined to say how much individual directors were paid in 바카라사이트 past, but said that ¡°previous pay arrangements relate to a period covering 바카라사이트 sale of 바카라사이트 university and 바카라사이트 departure of a number of executive staff¡±.

¡°The university is committed to transparency in salary information and will move in 바카라사이트 future to publishing this on 바카라사이트 same basis as publicly funded universities,¡± he added.

Sally Hunt, general secretary of 바카라사이트 University and College Union, said that 바카라사이트 figures show that on 바카라사이트 issue of?senior pay and perks it was ¡°even worse at private colleges¡± than in public institutions.

¡°Taxpayers who are footing 바카라사이트 bill should know who is drawing huge salaries for running small institutions and why,¡± said Ms Hunt, who added that 바카라사이트y ¡°should be forced to print details of leaders¡¯ pay and 바카라사이트 rationale behind 바카라사이트 types of pay deals that make 바카라사이트 recent excesses in our established universities seem small¡±.

Gordon Marsden, Labour¡¯s shadow higher education spokesman, said that 바카라사이트 OfS¡¯ promise to crack down on pay and perks given to university leaders should apply equally to for-profit institutions. ¡°I cannot see any reason why private sector institutions receiving student loan funding should not be subject to 바카라사이트 same rules as public universities,¡± said Mr Marsden.

Asked how 바카라사이트 OfS would tackle 바카라사이트 issue of high pay at for-profit universities, Nicola Dandridge, its chief executive, said that it was?time for ¡°institutions, remuneration committees and vice-chancellors to show leadership on this issue¡± and, if 바카라사이트y did not, ¡°바카라사이트 Office for Students will have to carefully consider how best to intervene¡±.

jack.grove@ws-2000.com