British media magnate Lord Clive Hollick has sparked a shareholders' revolt at his United Business Media empire.
Angry investors have threatened to veto a $250,000 ($476k; €368k) bonus to the retiring ceo for helping to ensure a "successful handover" to incoming chief David Levin.
The rebels are led by the powerful Association of British Insurers whose head of investment affairs Peter Montagnon says: "We have reached our decision after careful discussion with members and their view is firm. These payments are not appropriate."
The vote will take place this week at UBM's annual meeting in London and is widely expected to be a victory for the investors. Such an outcome would surely flatten the champagne at Hollick's farewell soirée, especially if the company bows to shareholder power and withdraws the disputed payment.
UBM will only comment: "It is too early to prejudge the outcome of the annual meeting but UBM takes all representations from shareholders seriously."
Hollick, a New Labour peer, is leaving UBM after a thirty year tenure but will supplement his generous pension [WAMN: 11-Apr-05] with liberal earnings as head of the European arm of US venture capital marauder Kohlberg Kravis Roberts.
Data sourced from Financial Times Online; additional content by WARC staff