Leschly defends his pounds 10m pay
Speaking as SKB unveiled a better-than-expected 16 per cent rise in first- quarter profits to pounds 510m, Mr Leschly said: "Obviously there are some people who don't like it, but our shareholders have benefited massively. The shareholders have nothing to complain about."
Mr Leschly's pay was the subject of new controversy earlier this month when it emerged that his total package, including salary and share options, has been worth pounds 93m in the nine years he has headed the group.
Last year his pounds 1.9m salary was boosted by an award of shares worth a further pounds 8.5m under SKB's long-term incentive and share options programmes.
Mr Leschly argued that the market value of SKB had risen from pounds 8bn to pounds 50bn over the same period. He also said the company had "co-operated closely with its major shareholders" in setting remuneration policy, pointing out that 95 per cent of SKB's sales were outside the UK while its management competed on a global scale with US and European rivals.
He said the response from institutions had been supportive, even though one or two big shareholders, led by Standard Life, were unhappy with the way incentive schemes were framed. "We will be debating this next week, and we always listen to what our major shareholders have to say," Mr Leschly added.
He said SKB expected to get approval to start marketing its biggest-selling drug, the anti-depressant treatment Seroxat, as a treatment for social phobia.
He also said he expected to receive US approval in May for its next blockbuster, the diabetes treatment Avandia. There are 100 million sufferers of type two diabetes worldwide, of which 16 million are in the US, and the market for treatments is put at several billion pounds.
But SKB has stopped work on the development of its herpes drug, Famvir, as a treatment of hepatitis B as clinical trials had not shown the hoped- for benefits. For the same reason, idoxifene is not now being developed as a treatment for osteoporosis, but its trials in advanced breast cancer are continuing.
Revealed: Devastating impact of 'bedroom tax' sees huge leap in demand for emergency hardship handouts for tenants
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
Revealed: Eerie new images show forgotten French apartment that was abandoned at the outbreak of World War II and left untouched for 70 years
Five-year-old British girl who died in a pool at Coral Sea Waterworld Hotel in Egypt's Sharm el-Sheikh resort named as Chloe Johnson
- 1 Stoke City investigate 'religious abuse' after 'pig's head is found in Kenwyne Jones' locker'
- 2 Gove’s lesson: spare the comma, spoil the child
- 3 Grace Dent on TV: Extreme Couponing, My Strange Addiction, and Here Comes Honey Boo Boo, TLC
- 4 You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
- 5 Join Ryanair! See the world! But we'll only pay you for nine months a year
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...
£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...
To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...
£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...