Friday, May 25, 2018

Tough at the Top?

What do you do if your business suffers a 2 per cent fall in underlying profits, a 1 per cent fall in revenues, and the expectation that the coming year isn’t going to be much better? The share price started at 438.6p. It finished it at 227.5p.  

BT chose to sack 13,000 of its employees.

However, if you are its CEO you award yourself a 2.5 per cent pay rise and add in a £1.3m special bonus to that near seven-figure salary he got paid.

Gavin Patterson ended the 12 months covered by the just-released annual report with £2.3m in his pocket before tax, nearly £1m more than in the previous year. Patterson’s overall package is in a year during which the share price fell by nearly half. 

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