Friday, July 12, 2002

SHAREHOLDERS TUT LOUDLY: We thought maybe we were being predictably outraged at the enormous payouts EMI made to its former rubbish managers, but it seems its not only us. The National Association of Pension Funds - the people who basically own EMI with your money - are urging its members to block the reappointment of Alan Levy as head of recorded music and his henchman Roger Faxon at finance when the shareholders meet on July 19th. They're outraged at the terms of the contract for the two men, which would see Levy trousering about three million quid if his contract got ended early because of takeover. The NAPF point out that, since companies which get taken over tend to be the rubbish ones, this really doesn't give Levy and Faxon much in the way of encouragement to be all they could be. Normally, the NAPF don't vote either way on matters at AGMs, so for them to actively campaign for a 'No' vote shows just how unhappy they are with the way EMI is drawing up contracts - it's akin to the Queen telling a girl with a bunch of flowers to piss off...

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