Executive pay | BT acts on CEO pay following huge mutiny

Business Matters magazine reports that BT is set to overhaul its executive pay following a huge rebellion from its stakeholders over a staggering £2.3million payment for the company’s resigning CEO, Gavin Patterson.

The telecommunications giant has said that following the revolt – where 34% of in investors scorned its pay report earlier in the year – they have spent time engaging with shareholders to repair bridges going forward.

The company’s remuneration committee say that they are looking to introduce a “more structured process” that will deliberate “a broader range of performance factors and wider circumstances” when deciding pay.

BT issued a statement that said: “Some shareholders felt that the amount paid did not appropriately reflect the underlying performance of the company or take adequate account of the value created for shareholders.