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Shareholders Expect Revised Pay Package for GlaxoSmithKline CEO to Be Approved.
Knight Ridder/Tribune Business News, December, 2003
By Stephanie Bentley, Daily Mail, London Knight Ridder/Tribune Business News
Dec. 16--GlaxoSmithKline has "a good chance" of getting a proposed UKpound 5.7 million pay package for its boss Jean-Pierre Garnier approved, powerful shareholder groups say.
After a year of deliberation, the drugs giant finally unveiled its revised pay policy for top executives. In a concession to head off a second investor revolt, Garnier is halving his two-year contract without compensation, giving up a lavish UKpound 22 million severance package.
But he hangs on to generous annual payments to his pension pot, already worth UKpound 5.5 million on the open market.
The National Association of Pension Funds, which with the Association of British...
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