Patterson gets 1.3m when BT is getting rid of 13000 people.
BT has belatedly given its shareholders a public pat on the head for not voting down departing chief exec Gavin Patterson's £1.3m bonus. In a statement today BT admitted that angry shareholders "felt that the amount paid did not appropriately reflect the underlying performance of the company or take adequate account of the …
...a small number of ex-employees read this news with significant indifference before taking a dip in their Scrooge McDuck style money bins, safe in the knowledge they will never be prosecuted for the criminal activity they participated in.
Yours pi***d offedly,
Disgruntled BT Employee
Did staff from BT ring round trying to convince shareholders to upvote the bonus?
How was this aligned to their fiduciary duty to the company.
Sounds dodgy to me.
I hope at least it was the board level renumeration committee doing the grovelling for their woeful rewarding of lousy performance, and presumably if the pay out was warranted under their current rules then they should tender their resignations for designing such a flawed system that shareprice declines and fraudulent behaviour are rewarded in this way.
Not sure how it works on your side of the pond, but here many times board bonuses are linked not just to profit but also the CEO's bonus. There's a "good old boy" thing in place also, and the outgoing CEO could end up at another company were the board members are on the board there also.
The main shareholders are investors with big pockets and their goal is to keep the share price up. One way is to vote the outgoing guy a pile of cash to prove that "all is well financially". There's probably other reasons that we mere mortals can only speculate on.
Though the vote passed, only 68 per cent of shareholders gave it the nod.
Was that 68% of the shareholders or was it 68% of the voting shares gave it the nod?
There is a big difference, if it was the latter, then those share were probably held by corporate institutions in the old boy's network.
Maybe not, even then.
If such a deep recession had taken place, i for one would have been happy to keep receiving my (undoubtedly 7 figure salary + other remuneration.)
Also, remind me again, how much have BT splashed into premier league football over the past few years, coincidentally at at time when our landline has doubled in price over the past 6 years ( approx 7% increase every 9 months)
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