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Investors set to fight incentives
CABLE & Wireless is set to face a difficult annual shareholder meeting this week, with investors angry over a proposed incentive plan that could quadruple directors’ pay.
In May, Tony Rice, chief executive of the C&W International unit, received £3.9m in shares under the long-standing performance related scheme and immediately sold them in the market, reaping around £5.5m.
The Association of British Insurers has issued the company with a “red top” alert – its most serious warning indicating a breach in corporate governance best practice.