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C&W fat cats face shareholder outrage

Option scheme execs could get paid six-times salary for average performances...

By Aled Herbert

Published: 11 July 2001 08:40 BST

Cable & Wireless is facing a backlash from shareholders at its annual meeting next week over its proposed executive share option scheme.

The Local Authority Pension Fund Forum (LAPFF) yesterday urged its members to vote against the scheme, which could see executives exercise half their options for indifferent or "median" performances. The options could be worth up to six times an executive's basic salary.

According to The Times, the LAPFF branded the scheme among the worst proposed this year.

The news follows outrage from Vodafone shareholders earlier this week over a proposed £8m option bonus for chief executive Chris Gent.

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