Monday, 27 April 2009

27-Apr-09 - Evening Standard - Pay inflation? Cairn't believe it

Pay inflation? Cairn't believe it

More extraordinary wage inflation among the part-time fat cats who lead our major companies. Private-equity financier Norman Murray, chairman of Cairn Energy, saw his pay at the FTSE 100 explorer soar 43% last year, to £200,000 from £140,000. There is no explanation for the rise for a job that troubles Murray no more than a few days a month.

The increase came after a review by pay consultants Hewitt New Bridge Street. Given this firm advised that all the directors should get pay boosts, a grateful Cairn board was delighted to pay its fee...

* Grounds for a separate dust-up at Cairn's AGM next month is the role of Hamish Grossart, who is Cairn's £105,000-a-year (up 16%) part-time deputy chairman. Some shareholders claim any notion that Grossart can be called an “independent director” is a nonsense — Grossart has been on the Cairn board for 15 years (longer than half the executives) and been deputy chairman since 1996. Cairn says it has “thoroughly reviewed the matter” and concluded “there is no evidence that length of tenure is having an adverse impact on his independence”. A clue, however, to how touchy this is all getting is the fact that Grossart has given up the boardroom role of “senior independent director”.

To view the original article LINK
Hamish McLeod GROSSART52 born 07-Apr-1957

SPECulative Society of Edinburgh Member

Non-Executive Chairman joined the board as chairman in 1996.
Cairn Energy PLC
currently also non-executive deputy chairman
Cairn India Limited
a non-executive director Member and Chairman of the Audit, Remuneration, Nomination & Corporate Governance Committees

British Polythene Industries PLC
Deputy Chairman
Artemis Investment Management Limited
a non-executive director

Quality Care Homes
Scottish Radio Holdings
Digital Bridges
Barker & Dobson - (Drayton Consolidated Trust) - Alma Holdings
Royal Doulton
Eclipse Blinds
Scottish Highland Hotels
Hicking Pentecost
EFT Group

He has over 20 years' experience on public company boards, in a wide range of industries,
both in an executive and non-executive capacity, frequently with catastrophic consequences.

He has left:
a long trail of broken lives, betrayed staff, colleagues and women,
who have suffered from his emotional inadequacies and lack of maturity.

A weak and bullying individual, who brings shame and unhappiness to his children,
and those who misguidedly cared for him, as he sets out to prove his worth to himself.

Always acting egocentrically at the expense of those he can bully, exploit and control.
An emotional Narcissist & a manipulative sociopath.

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