Investment provider Hargreaves Lansdown has issued a correction to the London Stock Exchange on the £2.5m remuneration package for its chief executive Chris Hill which was incorrectly reported in its annual accounts.

In the 2018 Report and Financial Statements for the Bristol-based company there was an error in the stating of the remuneration figures for Mr Hill in the Directors' Remuneration Report.

The error meant that a ‘buy out’ award of £494,000, given to Mr Hill when he joined the company in 2016, was inadvertently omitted from the accounts in 2016.

This meant that Mr Hill’s total remuneration package for 2016 was understated by almost half at £558,000 when it should have been £1.057m.

This error also appeared in part in the Directors' Remuneration Reports in the Report and Financial Statements for the years ended June 2017 and June 2016.

The company has apologised for the errors which mean his salary stated in 2017 of £2.23m should have stated £1.89m as some bonus shares were incorrectly added to the figures due to a mix up. A number of other smaller errors on his remuneration package figures have also been corrected.

For 2018 his gross basic salary was £600,000. In addition he received a cash bonus of £1.02m and a deferred element of bonus shares of £680,000. He gained £164,000 on historic options being vested. He received pension payments of £11,000 to provide a total package of £2.498m.