Dec 1, 2019
BT plans to end performance-related bonuses
BT is planning to end a performance-related bonus scheme and replace it with a smaller guaranteed payout, in a major overhaul of the incentives for top executives. The three BT shareholders said the telecoms business has proposed introducing a type of restricted share plan, where executives are given a set number of shares that they have to hold for a certain period of time. Restricted share plans do not typically include prescriptive performance conditions. Under LTIPs, top executives receive shares if they meet certain performance criteria, typically paying out after three to five years. Last year, engineering company Weir won shareholder support for its plans to introduce restricted shares, but few other British companies have similar pay awards.
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