SINGAPORE Hong Kong Exchanges & Clearing Ltd. (HKEx) has approved an award of shares to London Metal Exchange chief executive officer Martin Abbott that are worth almost £500,000 ($770,000).
Abbott, who is now also co-head of global markets at HKEx, would be awarded equity valued at £495,833, the exchange said May 8.
"HKEx adopted the share award scheme to recognize the contributions of certain employees and help retain them for the groups operation and further development," the exchange said.
The total value of shares given to "selected individuals" at the LME would be worth a little more than £1.77 million ($2.7 million), the exchange said, without detailing any of the other awards.
Martin Abbott has already received £7.36 million ($11.4 million) from the sale of the LME via a long-term incentive plan.