It's all in the contract

Saunders, Andrew
November 2003
Management Today;Nov2003, p60
Trade Publication
The article discusses about inclemency of the economic climate and increasingly strict rules on the disclosure of senior executive pay. J. P. Garnier at GlaxoSmithKline PLC and William Aldinger at HSBC company both had a hard time persuading investors earlier in 2003 that they really deserved the kind of contract package they were proposing to award themselves. When pension values are shrinking and belts being tightened across the land, it is hardly any wonder that the boss's takehome pay becomes a subject of great interest. But in the heat of this debate, it is easy to forget that all these are just deals. They have been negotiated and someone has agreed that the terms and conditions are reasonable.


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