Telewest accused on director's pay

12 April 2012

STRUGGLING cable TV group Telewest has been accused of attempting to mislead shareholders over executive pay. Chairman Cob Stenham assured shareholders at the annual meeting that all directors' pay had been frozen. In fact, finance director Charles Burdick was given a £40,000 pay rise, because the company felt he was underpaid compared with his counterparts in similarly sized companies. Burdick's total pay went up from £524,000 to £671,000, including a £283,000 bonus.

Telewest has been strongly criticised for awarding large executive bonuses while its shares have slumped. A spokesman said that Stenham had 'inadvertently' failed to mention the pay rise.

Separately, Vodafone is to reveal details of its new executive pay policy in its annual report, expected this week. Shareholders were angry at the £6m package awarded to Sir Christopher Gent last year. Almost 40% refused to vote for the complicated pay scheme at the shareholder meeting. Vodafone shares plunged to a four-and-a-half year low of 88p before closing on Friday 3 1/2p lower at 91p.

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