Business Services Industry
Shareholder Groups Slam UK Energy Supplier for Chief's Pay.
Knight Ridder/Tribune Business News, June, 2003
The Seattle Times Knight Ridder/Tribune Business News
Jun. 22--Scottish & Southern Energy (SSE) has been criticised by shareholder activist groups after it was revealed that chief executive Ian Marchant will pocket more than UKpound 1m (e1.4m, $1.65m) if the company loses its independence.
According to its annual report SSE will pay Marchant 125 percent of his basic salary (UKpound 600,000) if the company is taken over and his services are no longer re...uired.
Based on the power generator's current share price of 648p, Marchant will also receive about UKpound 310,000 for the shares he holds plus a further UKpound 225,000 for his share options, which the company said would be activated in the event of a takeover.
Given that...
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