COMMENT by RUTH SUNDERLAND: Disconnected from reality
City analysts are not easily shocked over executive pay or corporate governance.
They are used to taking with a large pinch of salt claims by companies that they only pay lavish rewards for top flight performance.
After all, a recent study found that FTSE 100 chief executives enjoyed a median pay rise of 32 per cent last year, while the index itself rose a measly 7 per cent, so payment for comparative failure is the norm, not the exception.
But even against this backdrop, the situation at Cable & Wireless Worldwide is in a league of its own.
Chairman John Pluthero has seized back control of the company, taking the role of chief executive after the ousting of Jim Marsh, who delivered three profit warnings since the company was spun off from the old Cable & Wireless group last spring.
Pluthero and his long-time associate Marsh earned shareholders’ ire by pocketing bonuses adding up to £20m before the break-up of the old C&W group, under a controversial privateequity style bonus plan.
CWW has actually curbed executive rewards by scrapping plans for a new scheme that could have led to handsome share awards, but then it did have plenty of scope to do so.
Marsh’s pay and perks rose 45 per cent last year, over a period in which the share price fell 43 per cent, and he will receive a £650,000 payoff.
As for Pluthero, his flipping into the role of chief executive not only makes a mockery of governance guidelines on the independence of chairmen, it allows him back into the bosses’ bonus scheme.
The company cocks another snook on governance with its elevation of senior non-executive, John Barton, to the vacant chairman’s slot, since there appears to have been no attempt at a search for external candidates.
As the analysts at Morgan Stanley point out, the combined share prices of CWW and its sister company-Cable & Wireless Communications, which concentrates on the Caribbean, are lower than that of the old group when Pluthero arrived in 2006.
The man himself seems oblivious to the outrage his re-taking of the helm is likely to provoke among investors.
Far from accepting any personal responsibility for the horrors that have sent CWW’s share price to a record low, he blames underlying weaknesses in the UK economy.
One can only hope that a bidder appears to put the company out of its current misery – and that shareholders, who wave through far too many rewards for failure, take a stand this time.
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But even against this backdrop, the situation at Cable & Wireless Worldwide is in a league of its own. Chairman John Pluthero has seized back control of the company, taking the role of chief executive after the ousting of Jim Marsh, who delivered three
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