Home Business News BT to overhaul executive pay after shareholder revolt

BT to overhaul executive pay after shareholder revolt

by Purvai Dua
18th Dec 18 12:49 pm

BT plans to make changes to the way it decides management pay, after its outgoing chief executive officer’s bonus was questioned by some of its shareholders.

Investors had expressed disappointment after the telecoms giant gave more than £1m in bonus to CEO Gavin Patterson in a year when BT’s stock has tumbled 30 percent.

“The board was naturally disappointed with the overall voting outcome,” BT said in a statement, referring to more than a third of the shareholders at its annual meeting in July voting against the remuneration report.

Some shareholders, who voted against the pay report, believed that the amount paid to Patterson did not appropriately reflect the underlying performance of the company or take adequate account of the value created for shareholders, the telecom group added.

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