WOW..... Surely, one year's notice would be misusing shareholders' funds? It's definitely not in shareholders' interests in any case given the falling company value over the past 5 years. I'm not aware of any other MD / CEO of a company this size, losing shareholder value year on year having such generous termination arrangements... Happy to be shown otherwise?
Dear Chair, the minutes pertaining to the resolution at the relevant Board meeting this was agreed to need to be released or provided for viewing at the AGM.
Where was the remuneration committee's evidence to support a recommendation of a year notice being reasonable or contemporary? Or did the MD implement this without Board approval, or force it upon the Board...?
Did the MD vote the affirmative if it did go to Board for ratification or exclude himself with a COI?
Do other Executive staff now have 1 year notice periods in line with their MD? Are shareholders exposed to another 4 or 5 staff? (That would be a major concern if they did just as much as if they were treated differently to the MD)
I can't see how a functioning independent Board could possibly approve this... surely JE or Simon queried this before approval????
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