Shareholders have been urged to oppose a £170million bonanza for the four asset-strippers who seized control of engineer GKN.
The four executives at Melrose – Simon Peckham, David Roper, Christopher Miller and Geoffrey Martin – pocketed more than £42million each last year, and advisory group Glass Lewis has urged investors to vote against the company’s report later this month over ‘excessive payouts’.
‘Excessive payouts’: Melrose executives – (pictured left to right) Simon Peckham, David Roper, Christopher Miller and Geoffrey Martin – pocketed more than £42m each last year
Any rebellion would not cut what the four earned because the vote is not binding.
The pay is much larger than in a typical year because of a long-term bonus scheme. Melrose intends to break GKN up and sell its assets piecemeal to the highest bidder
Luke Hildyard, of the High Pay Centre, said: ‘How shareholders vote will be a big test of whether they can be trusted to properly police executive pay.’
A Melrose spokesman said the bosses created £3.3billionn of value for shareholders.