Rethink at Rexam
Sunday 24 August 2003
Rolf Borjesson, the chief executive of packaging giant Rexam, will bow to shareholder pressure and change the length of his contract of employment. Two-year contracts are frowned upon in the City because they give failed directors a large pay-out - even if a company collapses.
Mr Borjesson is credited with the turnaround of the former conglomerate. But he said he is prepared to change his contract next year. "We are step-by-step changing to one- year contracts ... because there is a very clear view from shareholders that they only want to see one-year contracts. I have a two- year contract, but that will change."
Rexam will continue to award two-year contracts to directors who are hired from outside the UK, he said. After a period of time, the contract would then be changed to one year. At the company's last annual general meeting in May, the remuneration for directors was criticised.
The National Association of Pension Funds, whose members hold funds of more than £600m, recommended that investors abstain on voting for the directors' pay package.
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