WHS 'arm-twisting' claim
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.THE HEAD of the W H Smith remuneration committee yesterday denied a shareholder's allegation that his arm was twisted to award 'outrageous' salary increases last year to the chairman and managing director.
Peter Wilmot-Sitwell, a non-executive director of Smith, defended the rises, which included bonuses calculated, he said, according to a very strict formula based on earnings per share growth.
Sir Simon Hornby, chairman, was awarded a 44 per cent hike to pounds 261,000. Sir Malcolm Field, managing director, got 57 per cent more to pounds 323,000.
One shareholder, Roger Gauntlett, protested at the annual shareholders' meeting that the pay increases were 'outrageous' and a bad example to less senior staff, who were not getting rises of this sort.
He contrasted the large increases to the more modest 12 per cent increase in earnings: 'What's the relationship? It's not linear is it? It's not square law. It's not even cubic law.' However, other shareholders supported the pay rises.
Mr Wilmot-Sitwell, who is also vice-chairman of the merchant bank S G Warburg, said: 'I can assure you we do not have our arms twisted.'
He added that it was 'extremely unlikely' that the bonuses would be triggered in the current year, implying that the group does not expect to achieve any real growth in earnings per share this year.
At the meeting Sir Simon said current sales remained flat and was cautious about future trading: 'It would be foolish to expect any increases in retail sales over the next few months.'
He also said the group was interested in investing in Germany: 'Our analysis shows there may be an opportunity (on the Continent), particularly in Germany, and we're looking at that now. We won't go in on our own: it will be some form of joint venture.'
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments