Both Lord Simpson and chairman Sir Roger Hurn were removed from the company’s board of directors last week Sir Roger, who remains chairman of Prudential has already indicated that he will waive the £300,000 to which he is entitled.
Marconi’s shareholders are seething at the thought of handing over such a sum, when it was Lord Simpson that oversaw the company’s nosedive toward a debt of GBP5 billion. Although he is entitled to the dividend, paid into a funded unapproved retirement benefit scheme since.
According to the FT, the Association of British Insurers, which represents big institutional investors, said last week: In principle, we do not think that companies should renege on contracts, but these are exceptional circumstances.
Marconi shares have lost more than 97% of their value since they peaked at GBP12.50 a year ago.
