Witty prospers despite GSK's Chinese scandal
GlaxoSmithKline paid its chief executive, Sir Andrew Witty, £7.2m for 2013, a year when Britain's biggest drug maker was rocked by a bribery scandal in China.
In its annual report, GSK also admitted the allegations meant it had identified a string of corporate risks, including the possibility the "Chinese business is not supportable in light of the subsequent decline in trading and the potential impact on future business" and that "illegal acts similar to those alleged to have occurred in China have occurred elsewhere in the group."
Despite that, Sir Andrew, who has just finished a three-year spell in a key Whitehall role on the board of the Department for Business, pocketed a £1.9m bonus for 2013, on top of a £1.1m salary, £707,000 pension and a share allocation that took his package to £7.2m, almost double his 2012 deal of £4.4m.
GSK's Chinese sales plunged 61 per cent in the third quarter of last year, and declined 18 per cent in the final quarter, after its offices were raided by police amid allegations of a £321m bribery scheme that saw cash and "gifts", including prostitutes, offered to doctors and officials to boost sales.
The drug maker is still co-operating with Chinese authorities. The US Department of Justice, the US Securities and Exchange Commission and the UK Serious Fraud Office have all been informed of the investigation.
At the time, Sir Andrew said: "It appears that certain senior executives in the China business have acted outside our processes and controls to defraud the company and the Chinese health care system."
International Women's Day 2014: The shocking statistics that show why it is still so important
Feminist quotes to inspire you on the International Women's Day
Oscar Pistorius trial: Case turns into a bizarre safari following the tracks of a wounded lion
Belle Knox: How the porn star student from Duke University became bigger than Justin Bieber
Liam Neeson on death of wife Natasha Richardson: ‘When I hear the door opening, I still think I’m going to hear her’
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
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
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
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 Academy members voted for Oscar-winning 12 Years A Slave 'without watching it'
- 3 Orgasm machine to deliver climax at the push of a button
- 4 Liam Neeson turned down James Bond role to marry Natasha Richardson
- 5 Livr: A social network only for drunk people
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...