Drugs company wants greater exec pay
GlaxoSmithKline financial director John Coombe could be in line for a pay rise if an appeal to shareholders over executive pay is heeded.
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The pharmaceuticals company chairman, Sir Christopher Hogg, said in a letter to shareholders that a big difference in cultural attitudes between the US and the UK was threatening GSK’s ability to pay competitively for top management. ‘This issue goes to the heart of GSK’s effectivenes,’ he added.
The problem is particularly acute in the US, where the company feels it lags behind it competitors in being able to pay competitively, said Hogg, adding that consultations with shareholders and adverse publicity in the UK last November had prevented GSK from matching these salaries.