Split over directors' pensions grows

Split over directors' pensions grows

The rift between powerful institutional shareholders and corporate executives widened yesterday amid accusations of a concerted attempt to cover up full disclosure of directors' pension benefits. "The whole affair is basically about greed, about preferring small numbers to the shock people would get if they saw the big figures," one senior fund manager said. The clash came amid a groundswell of anger among the biggest fund managers gathered in Eastbourne for the National Association of Pension Fund investment conference at what is seen to be a rearguard effort by senior industrialists to backtrack on Greenbury committee recommendations for disclosure of directors' pension costs.