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03/01/2002
Record number of million pound ‘golden handshakes’
A Labour Research report has revealed that a record number of company executives in the UK received golden handshakes of more than £1 million last year.
Among those who received the ‘gifts’ were British Telecom`s outgoing chief executive Sir Peter Bonfield who has been given a pay-off of nearly £1.5 million in salary, bonus, shares and benefits and former Marconi boss Lord Simpson who was granted a £300,000 pay-off last October, the equivalent to around ten Marconi workers` yearly salaries.
Former Railtrack boss Gerald Corbett also received a £1.3 million pay-off from Railtrack after resigning from the rail operator in the aftermath of the Hatfield rail disaster.
He was then awarded a £500,000 bonus five months into his job as chairman of Woolworths after overseeing the high street chain’s demerger from retail giant Kingfisher.
Labour Research said its survey of firms` annual reports found 75 golden handshakes of £100,000 or more, with some companies making more than one large pay-off in the year. (MB)
Among those who received the ‘gifts’ were British Telecom`s outgoing chief executive Sir Peter Bonfield who has been given a pay-off of nearly £1.5 million in salary, bonus, shares and benefits and former Marconi boss Lord Simpson who was granted a £300,000 pay-off last October, the equivalent to around ten Marconi workers` yearly salaries.
Former Railtrack boss Gerald Corbett also received a £1.3 million pay-off from Railtrack after resigning from the rail operator in the aftermath of the Hatfield rail disaster.
He was then awarded a £500,000 bonus five months into his job as chairman of Woolworths after overseeing the high street chain’s demerger from retail giant Kingfisher.
Labour Research said its survey of firms` annual reports found 75 golden handshakes of £100,000 or more, with some companies making more than one large pay-off in the year. (MB)
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