BT Promises Reforms After Shareholder Revolt Against Former CEO's Bonus
December 18 2018 - 5:51AM
Dow Jones News
By Adam Clark
BT Group PLC (BT.A.LN) said Tuesday that it will alter its
approach to executive pay after some shareholders objected to the
bonus paid to former Chief Executive Gavin Patterson.
The British telecommunications company faced a shareholder
revolt in July when 34% of votes were cast against its remuneration
report, following a 2.3 million pounds ($2.9 million) payout to Mr.
Patterson for fiscal 2018. Mr. Patterson's exit had been announced
in June, following criticism of his strategy for the company.
BT said it was disappointed by the vote and subsequently held
discussions with shareholders and proxy advisors. As a result, its
remuneration committee will implement a "more structured process"
in the use of discretion around bonus payments, including taking
into account a broader range of performance factors.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
December 18, 2018 05:36 ET (10:36 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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