Hargreaves and Lansdown rake in £10m bonuses

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That comes on top of the £76 million they each cashed in by selling shares during last May's stock market flotation.

They are also the largest shareholders in the Bristol-based business with 60-year-old Hargreaves' remaining holding worth £364 million and 55-year-old Lansdown's stake worth £314 million.

With the shares soaring from the 160p sell-off price in May to today's 2381/2p, both have made paper gains of almost £100 million in the past six months. Both have agreed not to sell any more shares for four years from flotation but will benefit from special dividends.

The scale of the annual bonuses, revealed for the first time today, shows how staggeringly successful the business has been. Hargreaves picked up a performance bonus of exactly £10 million for the year to end-June while Lansdown received £9.92 million.

With their relatively modest basic salaries that meant Hargreaves' emoluments rose from £9.1 million to £10.2 million while Lansdown's package went up from £7.1 million to £10.1 million.

Today's annual report states that much of the pay package has "exceeded the maximum amounts which will be payable in future years" and are "not expected to recur".

Although Hargreaves boasts an interest in five racehorses and Lansdown is chairman of Championship promotion hopefuls Bristol City football club, neither man is known for splashing his wealth around the West Country.

They are not alone in scoring from the flotation, with 20 members of staff sitting on shareholdings worth at least £1 million. They include marketing director Theresa Barry, who stepped down from the main board on flotation, but up to then was paid £3.58 million last year. The 49-year-old's shareholding is worth more than £32 million. Adam Norris, 36, managing director of the advisory business, has a stake worth £34.5 million while finance director Martin Mulligan, also 36, has shares worth £5.5 million.

They are also among six current or former executive directors, not including Hargreaves or Lansdown, sitting on £2.75 million share options.