Glaxo chief's pay rise defies shareholders
Jean-Pierre Garnier, the chief executive of GlaxoSmithkline, received a 13% pay rise last year, it has been revealed.
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This ten-times-the-rate-of-inflation increase came despite a high-profile ‘fat cat’ pay and perks package being voted down by shareholders last year.
Garnier’s annual salary is now a little short of £2.8m.
He was paid salary and fees of £916,000, £182,000 for holding onto shares and a bonus of £1.5m.
A spokesman said the bonus was due to the good profits Glaxo had made.
Last May, Glaxo’s shareholders became the first at a British blue-chip company to reject a pay rise for its directors.
Just over half voted down a multi-million pound pay ride for Garnier.