'News: GCap Media plc £2.6m Payoffs To Former Directors Likely To Irk Shareholders At Annual General Meeting' by Grant Goddard
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News story about the likelihood of shareholders attending the Annual General Meeting of UK commercial radio group GCap Media plc being irked by £2.6m payoffs to former company directors, written by Grant Goddard in July 2006 for The Radio Magazine.
![News: GCap Media plc £2.6m Payoffs To Former Directors Likely To Irk Shareholders At Annual General Meeting
page 2
©2006 Grant Goddard
This month’s GCap Media plc annual general meeting is likely to be enlivened
by shareholder anger over the company’s £1.13m payoff to former chief
executive David Mansfield.
A spokesperson for Pensions Investment Research Consultations claimed that
Mansfield's contract was "outside market norms" and explained: "The contract
itself was excessively generous, its stipulations were not appropriate in terms
of current market practice. That's what we would condemn, rather than the fact
that the company made the payments."
Other former GCap directors – Linda Smith, Peter Harris and Paul Davies –
received a further £1.47m in severance fees.
[First published in 'The Radio Magazine' as 'GCap Payoffs Irk Shareholders', #743, 5 July 2006]
Grant Goddard is a media analyst / radio specialist / radio consultant with thirty years of
experience in the broadcasting industry, having held senior management and consultancy
roles within the commercial media sector in the United Kingdom, Europe and Asia. Details at
http://www.grantgoddard.co.uk](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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'News: GCap Media plc £2.6m Payoffs To Former Directors Likely To Irk Shareholders At Annual General Meeting' by Grant Goddard
- 1. NEWS: GCAP MEDIA PLC £2.6M PAYOFFS TO FORMER DIRECTORS LIKELY TO IRK SHAREHOLDERS AT ANNUAL GENERAL MEETING by GRANT GODDARD www.grantgoddard.co.uk July 2006
- 2. News: GCap Media plc £2.6m Payoffs To Former Directors Likely To Irk Shareholders At Annual General Meeting page 2 ©2006 Grant Goddard This month’s GCap Media plc annual general meeting is likely to be enlivened by shareholder anger over the company’s £1.13m payoff to former chief executive David Mansfield. A spokesperson for Pensions Investment Research Consultations claimed that Mansfield's contract was "outside market norms" and explained: "The contract itself was excessively generous, its stipulations were not appropriate in terms of current market practice. That's what we would condemn, rather than the fact that the company made the payments." Other former GCap directors – Linda Smith, Peter Harris and Paul Davies – received a further £1.47m in severance fees. [First published in 'The Radio Magazine' as 'GCap Payoffs Irk Shareholders', #743, 5 July 2006] Grant Goddard is a media analyst / radio specialist / radio consultant with thirty years of experience in the broadcasting industry, having held senior management and consultancy roles within the commercial media sector in the United Kingdom, Europe and Asia. Details at http://www.grantgoddard.co.uk