The chief financial and operating officer of Liontrust Asset Management has agreed to a basic pay cut of 18 per cent following a difficult period for the firm.
Vinay Abrol has volunteered to reduce his base pay by £56,000 to £250,000 after Liontrust reported losses and outflows.
The company has appointed a new chief executive and embarked on a reorganisation, which has seen the departure of its global equity team.
Citing a difficult two years, Liontrust is holding a management meeting on January 13 to debate plans to reduce employment costs.
It intends to explore ways in which higher paid members can volunteer to reduce their base remunerations.
The company also plans to introduce new ways of paying employees in shares as well as cash.
It is proposing to defer up to 50 per cent of any discretionary executive bonuses into shares, to be held for a period of up to three years.
It has also drawn up a possible new equity incentive plan, the LSIP, to more closely align the interests of executive directors and shareholders.
It is the intention that for the majority of the executive directors, any incentive will come from the LSIP, rather than through discretionary annual bonuses.
All proposals are subject to shareholder agreement and will be confirmed or dismissed at the January general meeting.