Showing posts with label Cable and Wireless. Show all posts
Showing posts with label Cable and Wireless. Show all posts

Thursday, June 07, 2007

Rich Pickings

Socialist Courier once more exposes the exhorbitant awards that members of the capitalist class award themselves .

Cable and Wireless announced a bonus scheme for its part-time chairman Richard Lapthorne that it is worth nearly £11 million . The telecoms company plans to offer Mr Lapthorne a three-year, performance-related incentive scheme that could result in him receiving 5.5 million C and W shares in 2010. At today's market price, the shares would be worth about £10.9 million to Mr Lapthorne, who typically puts in two to three days work a week at the company.

It comes just 12 months after the company launched a long-term incentive plan worth up to £220 million to 60 senior managers.Last year's plan is potentially worth about £18 million each to John Pluthero and Harris Jones, the group managing directors who respectively control C and W's UK and international businesses.

The Communication Workers Union stated:- "Is there no limit to Mr Lapthorne's cheek and to shareholders' gullibility ? Last year, they agreed to a huge reward system for top executives to deliver a programme they had failed to deliver the previous year. Now they've got to pay Mr Lapthorne an additional £10m to do his job enthusiastically."

Last week , Tesco , the supermarket group , said it would award Sir Terry Leahy, its chief executive, shares worth more than £11 million if his plans for expansion in the US proved successful.