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Company GlaxoSmithKline [Company Info]
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Date Issue Title
16th Dec 2003 Questionable Practice Glaxo's CEO to scoop 5.7 mln stg a year

LONDON, Dec 14 (Reuters) - Jean-Pierre Garnier, chief executive of GlaxoSmithKline Plc , will earn up to 5.7 million pounds ($9.96 million) a year under a new pay package agreed by the pharmaceuticals group, the Sunday Telegraph reported.

The deal would reinforce the U.S.-based chief executive's position as the highest-paid executive of a leading FTSE 100 company, although his fellow directors say his pay is in line with other drug group chief executives, the paper added.

The company confirmed it was in talks over the salaries of its top executives.

"We confirm that we are in the final stages of lengthy and detailed discussions with our major shareholders over the matter and will make an announcement shortly," said a group spokesman.

The paper said the company is braced for criticism from activist shareholders after the group was acutely embarrassed in May when a slim majority of shareholders voted against its remuneration policy.

Shareholders were then infuriated by Garner's two-year contract -- twice the British norm -- and the generosity of pension arrangements for him and his wife. Glaxo has since acted to cut Garnier's contract to one year and simplify his pension.

The paper added that Glaxo had sounded out the view of its largest institutional investors, and believed most of them would approve the new arrangements.

Garnier's basic salary will remain unchanged at around 1.5 million pounds but will be eligible for a cash bonus on top of his basis salary and also so-called performance shares and share options.

The paper said the new deal was agreed by the board on Friday, and details of the new remuneration arrangement for Glaxo's 15 most senior executives are likely to be published this coming week. ($1=.5723 Pound)

Other Reports on GlaxoSmithKline
Date Issue Company Report
29th Jan 2007 Questionable Practice GlaxoSmithKline GSK hid paxil suicide link
10th Aug 2006 Other Issue GlaxoSmithKline Glaxo pays $70m to end price row
29th Mar 2006 Questionable Practice GlaxoSmithKline Glaxo agrees US Paxil settlement
18th Mar 2005 Other Issue GlaxoSmithKline Glaxo shares dip on factory probe
22nd Sep 2004 Questionable Practice GlaxoSmithKline Glaxo drops appeal in Aids drug pricing case
6th Sep 2004 Other Issue GlaxoSmithKline GSK faces anti-depressant lawsuit
19th May 2004 Other Issue GlaxoSmithKline New York sues GlaxoSmithKline
11th May 2004 Fraud Investigation GlaxoSmithKline GlaxoSmithKline faces antitrust investigation
22nd Jan 2004 Fraud Investigation GlaxoSmithKline $11.1 Million settlement
8th Jan 2004 Questionable Practice GlaxoSmithKline 1.5bn Tax Bill
25th Jun 2003 Questionable Practice GlaxoSmithKline FDA tells Glaxo to pull misleading Flonase ads
25th Jun 2003 Questionable Practice GlaxoSmithKline Ordered to pull misleading adverts

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