Amvescap, the Anglo-American fund manager, paid outgoing chairman Charles Brady a $9m (€7.5m) bonus in 2005 and gave new chief executive Martin Flanagan nearly $12m for stock options owed by a previous employer.

Amvescap, the owner of global investment brands AIM, Invesco, Invesco Perpetual and Atlantic Trust, revealed in its annual report it had awarded the outgoing chairman $9m on top of his annual salary for "exceptional leadership during a particularly difficult period."