Capital Radio defies investors in bonuses row
Saturday 18 January 2003
Capital Radio yesterday vowed to press ahead with a generous new pay package for its top management, despite a warning from the National Association of Pension Funds that it had advised its members not to support the scheme. Capital is set for a rocky ride at its AGM next Thursday after the influential body of institutional shareholders circulated a directive this week pressing members to abstain on a number of key votes.
Capital is proposing that executives should be able to have their options package increased from 75 to 110 per cent of salary. It has no plans to change the rule that options are granted if earnings growth exceeds certain benchmarks in any three-year period.
The NAPF said: "On principle, we do not feel it appropriate to support an increase in award levels without an equivalent move to make performance conditions comply more closely with what is today considered acceptable by institutional investors."
Capital is to press ahead with the pay award, saying the NAPF has called its corporate governance "satisfactory".
Separately, Capital's shares fell to a near five-month low, closing 4 per cent down at 447.5p, due to market fears it would unveil weak advertising sales.
educationTo mark International Women's Day, Sarah Brown on how charities have brought proper joined-up thinking to the delivery of education
South African rhino finally put down after roaming Kruger park for days with horn hacked off and bullet in brain
Lammily: Barbie-like doll hits Kickstarter fundraising target in a day
Belle Knox: How a porn star student from Duke University became bigger than Justin Bieber
Oscar Pistorius trial: Neighbour feared South African athlete would use gun that killed his girlfriend Reeva Steenkamp to kill himself
Top 10 most expensive cities in the world: Singapore named costliest place to live – but what about London?
Apple's Tim Cook: Business isn’t just about making profit
Thousands of young people forced to go without food after benefits wrongly stopped under 'draconian' new sanctions regime
Ukraine crisis: New navy chief 'defects' and surrenders Crimean HQ as Putin claims ultranationalists forced intervention
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
- 1 The future of sex: The first female condoms were derided, mistrusted and shunned - but will their modern counterparts catch on?
- 2 South African rhino finally put down after roaming Kruger park for days with horn hacked off and bullet in brain
- 3 Study suggests that 'gaydars' are real - at least for women
- 4 Man stabbed with Legend of Zelda Master Sword in serious condition
- 5 First clip of Outkast's Andre 3000 in Jimi Hendrix biopic All Is By My Side emerges
iJobs Money & Business
£1200 per month: Inspiring Interns: Our client is one of Europes leading mobi...
£18000 - £19000 per annum: Inspiring Interns: Our client is the UKs leading i...
£30000 - £45000 per annum: Inspiring Interns: A (non-bank) fast-growing intern...
£40000 - £80000 per annum + Very Compeititve Salary: Austen Lloyd: Corporate F...