BT and Burberry win over sceptics in move to scrap LTIP schemes | Business News

Two of Britain’s biggest blue-chip companies are on course to win shareholder approval next week for revamped executive pay schemes that could help to defuse renewed tensions over boardroom incentives.

Sky News has learnt that key proxy advisers led by Institutional Shareholder Services (ISS) are backing new pay policies at BT Group and Burberry, the fashion label – both of which are proposing to replace their long-term incentive plans with less lucrative so-called restricted stock programmes.

The recommendation from ISS and others to vote in favour of the companies’ pay policies at next week’s annual meetings may come to be viewed as a milestone in UK executive pay, according to institutional investors.

Lloyds Banking Group is among big names to have seen investor revolts over restricted stock schemes

Restricted stock schemes have historically divided shareholders, leading to substantial revolts at companies such as Lloyds Banking Group and Whitbread because

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Coronavirus: Elon Musk’s Tesla denies firing employees who stayed home during lockdown | Science & Tech News

Tesla has denied firing employees who chose to stay at home during the coronavirus pandemic, contrary to media reports.

Three of the company’s staff said they had been terminated after choosing to stay at home rather than work at the company’s factory in Fremont, California, according to the Washington Post.

In defiance of state orders issued to tackle the COVID-19 outbreak, Tesla’s factory resumed production back in May.

Tesla resumed production in May

In an email to staff at the time, Elon Musk, the company’s billionaire chief executive, told staff that if they “feel uncomfortable coming back to work at this time” they should not “feel obligated to do so”.

Tesla said it offered staff “a window of time to stay home no questions asked” and waived its attendance policy “for several weeks after we had approval to reopen our factories”.

But three workers who didn’t go into work

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Carbon monoxide ‘likely’ to have affected New Year’s Eve crash pilot | World News

A pilot whose seaplane crashed in 2017 killing five Britons is likely to have had his ability to fly impaired by carbon monoxide, according to investigators.

British businessman Richard Cousins, the chief executive of the world’s largest contract catering company Compass, was killed along with his two sons, Edward, 23, and William, 25, his fiancee Emma Bowden and her 11-year-old daughter Heather, during a New Year’s Eve sightseeing trip near Sydney which ended in tragedy.

The de Havilland Canada DHC-2 Beaver, piloted by Canadian Gareth Morgan, who also died, plunged into the Hawkesbury River off Jerusalem Bay, 25 miles north of Sydney, after picking the family group up from an exclusive restaurant.

Richard Cousins (top left), Edward Cousins (top right), Will Cousins (bottom left) and Emma and Heather Bowden

Releasing an update on the investigation, the Australian Transport Safety Bureau (ATSB) said blood tests indicated the pilot

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Intu chief Roberts steps down a week after shopping centre group’s collapse | Business News

The chief executive of Intu Properties, Britain’s biggest shopping centre-owner, has left the company a week after it crashed into insolvency proceedings.

Sky News has learnt that KPMG, which is handling Intu’s administration, informed the company’s employees on Friday that Matthew Roberts had decided to leave the role he had held since April last year.

The announcement about Mr Roberts’ exit comes as the administrators retains key Intu operational staff to ensure the continued smooth running of its 17 UK shopping centres, which include the Trafford Centre in Manchester and Lakeside in Essex.

Intu’s collapse has triggered a complex restructuring which will involve untangling a series of connected corporate entities that directly own its assets.

The company, which had been in London’s FTSE-250 index as recently as last year, saw its troubles compounded by the coronavirus pandemic, with numerous retailers withholding rent payments in March and June.

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