BT investors vent anger at bonus scheme
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BT suffered a bruising annual meeting yesterday after hordes of shareholders vented their anger over the bonus scheme that could land its top executives hefty pay packages.
Nearly 17 per cent of investors, including 6.28 per cent of votes withheld, refused to back its remuneration report, following BT making a £134m loss in 2008/09. Under its reward scheme, the company's chief executive, Ian Livingston, could pocket £5.6m, including salary and bonuses, if BT hits all of its long-term performance targets.
The shareholder revolt is the latest faced by major UK companies including the state-owned bank RBS and the oil company Royal Dutch Shell this year, as investors take umbrage at the lucrative reward schemes for executives at under-performing companies.
BT shareholders were also angry over the total termination payment of £1.6m awarded to Francois Barrault, the former head of its troubled Global Services division, who resigned in October. In 2008/09, BT wrote down £1.6bn after reviewing all the division's contracts. Yesterday, BT's chairman, Sir Michael Rake, said improving the performance of BT Global Services was a key priority and described the last financial year as a "difficult one".
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments