Is BT remuneration committee measuring the right things?
For all the talk of triumph in the boardroom, the share price has more than halved in two years Shareholders in BT may be under the impression their company had a lousy time last year. Investors did. BT’s share price fell by a third in a rising stock market and sits at its lowest level since 2012. The dividend was merely held, making a nonsense of the chief executive Gavin Patterson’s confidence a couple of years ago that double-digit increases were in prospect. Staff, too, may be less than cheerful. Some 13,000 are about to lose their jobs as Patterson confronts the fact that BT’s revenues are falling again. But, no, it turns out that 2017-18 was a triumph, at least in the boardroom. The victory wasn’t the maximum possible under the terms of the executive bonus scheme but the outcome was “above target”, says the annual report. Even Patterson seems to have sensed that finding looks perverse because he volunteered for an “at target” score, meaning Like