Bosses will change performance targets
Wed 14 May 2008
3/05/2008
Bosses from the UK's biggest companies meet today to discuss changes to performance targets and bonuses, the Guardian reports. Remuneration committees will meet with pay advisers, Deloitte, following stock market falls and ongoing credit restrictions. Some changes already put in place have been unpopular. BP and HBOS are moving towards more short-term bonuses, which some shareholders feel is unfair. Speaking to the paper, a BP shareholder said: "It's almost like the downturn hasn't affected their pay. What we are seeing is things like [short-term] bonuses going up." Executives have defended their pay and Richard Randall, financial advisor, PricewaterhouseCoopers noted that there are "changes to plan right across the country". Recent national statistics data has showed growth in average earnings excluding bonuses has increased, but earnings growth including bonuses has fallen.
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