Lavish Reward for Failure Huge Pay-Offs Bring Business Into Disrepute
Linked as:
Summary
It was a day of mixed fortunes yesterday for shareholder power. Sir Philip Watts was forced to resign as chairman of the Royal Dutch/ Shell giant for presenting shareholders with a nasty surprise about a major cut in its oil reserve estimates, and failing to explain why in person.
Shareholder power had denied Michael Green the job for which he thought he was a shoo-in - chairman of the merged Carlton and Granada ITV companies, valued at (pounds) 5bn. Mr Green had to rethink his plans in October last year when leading shareholders decided they would rather have an independent chairman. His track record at Carlton, where he had been chairman, counted against him in the most telling way. Shareholders did not want as chairman of the single ITV a man who, in tandem with Granada's Charles Allen, had wasted more than (pounds) 1bn of their money on the ITV Digital channel, a failed venture.See the full content of this document
Extract
Lavish Reward for Failure Huge Pay-Offs Bring Business Into Disrepute
But Mr Green had the last laugh yesterday, all the way to the bank, wh...
See the full content of this document
Sponsored links
