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Why does a chief executive with a huge stake in a firm need 'career shares'? Why does a chief executive with a huge stake in a firm need 'career shares'?
(5 months later)
Randgold Resources' remuneration report to its shareholders reads more like a love letter to the gold miner's founder and chief executive. Mark Bristow is lauded to the skies for his "outstanding contribution" and his "exceptional leadership".Randgold Resources' remuneration report to its shareholders reads more like a love letter to the gold miner's founder and chief executive. Mark Bristow is lauded to the skies for his "outstanding contribution" and his "exceptional leadership".
Fair comment, you might say, since Randgold's shares have been slick performers. But why does Bristow, with a personal shareholding in Randgold worth £36m, need another £2.6m of shares, labelled "career shares", to keep him keen?Fair comment, you might say, since Randgold's shares have been slick performers. But why does Bristow, with a personal shareholding in Randgold worth £36m, need another £2.6m of shares, labelled "career shares", to keep him keen?
Pay committee chairman, Norborne Cole, never really explains – he just asserts that his colleagues "strongly believe" the award is merited in the interests of securing Bristow's "continued commitment and motivation".Pay committee chairman, Norborne Cole, never really explains – he just asserts that his colleagues "strongly believe" the award is merited in the interests of securing Bristow's "continued commitment and motivation".
Come on, if most of his personal wealth is invested in the business, the chief executive surely has all the incentive he needs to get up in the morning. Randgold should count itself lucky that only 39% of voting shareholders opposed the award.Come on, if most of his personal wealth is invested in the business, the chief executive surely has all the incentive he needs to get up in the morning. Randgold should count itself lucky that only 39% of voting shareholders opposed the award.
Mind you, the 99.7% approval for Cole's re-election is the baffling part. What are the objectors to Bristow's award saying? That they don't like Cole's decisions but they like him? No logic there.Mind you, the 99.7% approval for Cole's re-election is the baffling part. What are the objectors to Bristow's award saying? That they don't like Cole's decisions but they like him? No logic there.
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