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Financial Times reports that a shareholder rebellion was brewing at Old Mutual on Wednesday after the financial services group proposed a payout of 1,000% of base salary for its CEO Bruce Hemphill.
Some of the group’s biggest investors said they were considering a vote against the planned maximum payout for Hemphill because of the "unusual nature and size" of the offer. Hemphill plans to split the dual listed Anglo-South African group into four separate companies by the end of 2018, which would make his own role as overall CE redundant. Hemphill’s 2016 base salary is proposed at £900,000, which means he could earn £9m as part of the long-term incentive plan over the three years Old Mutual aims to complete the break-up.
- Read this report by David Oakley in full at BDLive
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