Jan
24
The day after Business Secretary Vince Cable announced extra legislation to control fat cat pay and bonuses, a major, FTSE 100 blue-chip company, Cairn Energy, bowed to shareholder pressure over a massive, one-off pay-out for its chairman.
Sir Bill Gammell had been due to receive a 2.5 million share bonus, with another 1 million being donated to charity as a result of the successful, 3.5 billion sale of the group’s Indian business to Vedanta last year.
But today Cairn bowed to investor pressure and said it had withdrawn Gammell’s share bonanza and the charity donation from the agenda of its shareholder meeting next week. Read Full Article…