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A £1.3m prize for a plunging share price at BT? Not so fast...
Telco faces shareholder revolt over outgoing CEO's bonus
By Richard Speed 2 Jul 2018 at 15:35
23 Reg comments SHARE ▼
Man counts pounds and pence. Photo by Shutterstock
It doesn’t look to be smooth sailing for British Telecom’s outgoing boss, Gavin Patterson, as a recommendation to reject his bonus has arrived in time for the next shareholder meeting.
Leading proxy voting and policy advisor Institutional Shareholder Services (ISS) reckons that Patterson's near £1.3m bonus (a whopping 130 per cent of his salary) was "considered too large, in our view, for the level of performance".
The advisors pulled no punches, pointing that the share price had "fallen significantly" during the year - down 25 per cent - so giving the former CEO a wheelbarrow of cash to push through the door on his way out stuck in the craw somewhat.
Should start up tomorrow
I don’t want to buy a crappy Duster I want a quality German car but due to the drop in the pound down to Brexs%%t that’s already gone up 10%.
Amazing how many Brexiteers in denial. It’s not project fear it’s project reality!
Fingers crossed common sense will triumph in the end either with a complete reversal or at least staying in the CU and SM.
Fleccy you are wrong!
I work for BT and a colleague in GS dealing with million pound contracts told me that the day after Brex**** All new contracts stopped!
His department shut down six months later and he took redundancy along with all those who could afford it.
I’ve seen it happen so to me it’s fact. Whether you choose to accept it is up to you.
Can’t prove the rest but my opinion and many others concerning financial impact on business is it will get Much worse
'Brexit has nothing to do with BT future'...really?
It’s already cost BT jobs and millions of pounds of business....that is a FACT!
Stilling clinging to tho hop Brex**** won’t happen
Again! Better when after we close
Currently the sum of the parts are not represented by the share price.
OR worth up to 25bn alone, assets of copper and buildings plus EE?
Pension deficit payments sorted and itself expected to reduce dramatically with interest rate rises?
Possible buyout?
Ofcom laying off as want BB. investment?
Not to mention being the leader in a business that is now a necessity not a luxury and growing bigger every day?
It’s harder to think of negatives which seem to be only sentiment. BT is a cash cow and owns the golden goose of products!
Why is Sky valued so high? Not long ago sky was 550 and Bt 400. Football viewing is dropping and advertising on its way out with on demand being the future. I really don’t get the value in this share?
i too can see 350 within a year. Government and ofcom will be onboard very soon or DT will buyout Status quo cannot remain the country demands it
Plessis supported Patterson’s plan just not him to do it. On that, dIvi won’t be cut for at least 2 years by which time it won’t be an issue. Imho
Seems every day we see a drop after early gains awaiting the ADR to open?
ADR 2.10 close
Tumbleweed...... Down as usual despite good weekend press
I agree with 99% of the article. However, it fails to point out why BT chased revenue from sport and EE. Ofcom prevented BT earning from its core business by forcing it to share with competitors!
Oops...fingers ADR close that is
2.122
Cheers Velo, all very interesting:-)
RR sheds 4000 jobs and goes up 10%! Should not we then be up 30%?
I suggested that on the first day....lol