Misys pay plan is 'wholly excessive'

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The Independent Online

Misys investors should vote against the software company's pay plan, which could reap its chief executive a payday worth more than 900 per cent of his salary, Pirc said yesterday.

The governance group said total potential rewards for Mike Lawrie and his finance director, Stephen Wilson, are "wholly excessive" with salaries at the top end for the sector and no details about the companies they are benchmarked against.

Contracts at Misys, which is chaired by former HBOS chief executive Sir James Crosby, allow both Mr Lawrie and Mr Wilson more than a year's salary as a payoff, Pirc added.