Package for Macfarlane Chief Breaches Best Practice Advice; Contract Clause for Atkinson Offers Takeover Insurance
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Summary
PETER Atkinson, the new-broom chief executive of struggling Macfarlane Group, is on a contract which breaches corporate governance guidelines, it emerged yesterday with publication of the packaging company's 2003 annual report.
Archie Hunter, chairman of Macfarlane, moved immediately to head off any shareholder opposition at Macfarlane's annual meeting on May 11 by revealing the company was negotiating with Atkinson to remove the offending clause in his contract. This stipulates that, although he is on a 12-month contract, he would receive two years' remuneration if Macfarlane were taken over and he departed.See the full content of this document
Extract
Package for Macfarlane Chief Breaches Best Practice Advice; Contract Clause for Atkinson Offers Takeover Insurance
John Ward, who is chairman of economic development agency Scottish Enterprise and has held various other public appointments, was chairman of...
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