The fat cats face a low-fat diet

Article Abstract:

Bill Fraser has left his post as managing director at South West Water. This follows public protests over his pay levels. Fraser is entitled to 900,000 pounds sterling and a possible additional 280,000 pounds from share options. Nowell Stebbing is seeking more money in the law courts after being paid 7.6 million pounds sterling when he left Chiroscience. There is a need to avoid large payments to departing executives but still provide them with incentives. Some companies are setting up long term incentive plans and greater openness is also becoming more apparent in some companies.

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If you want to be a success

Article Abstract:

UK directors can receive large sums when they leave companies, despite not having performed especially well. Charles Mackay may not have acted fast enough to cut costs at Inchcape, but received 1.4 million pounds sterling as a pay-off. Mike Hoffman, whose diversification projects have caused problems for Thames Water, is likely to be a millionaire from his pay-off. Compensation can also provide large sums for directors, such as John Clark who will receive nearly 6 million pound sterling in compensation after leaving BET.

Corporate directors

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There's no nowt in snout

Article Abstract:

UK executive pay does not always relate to performance, and this is one aspect of UK corporate governance that gives cause for concern. The issue has been debated for some four years and the problem still persists. Robert Sellier resigned from Lovell with 356,000 pounds sterling following earnings for 1994 of 809,000 pounds. The company's share price fell during his time as chief executive. There are many other examples of high rewards for poor performance.

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