UK: Bowman could reap bonus worth millions as Allied cuts dividend - paper

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Philip Bowman and other executive directors of Allied Domecq could be rewarded with share options worth six times their salary over three years, despite reports in today's Daily Telegraph that investors fear the scheme is not tied strongly enough to performance.

In a separate plan, directors could also be handed awards of greater than one year's salary if the company's share price and dividend performance beats relative targets with competitors over the next three years.

The Daily Telegraph said investors were concerned directors will be rewarded for "median" performances. Standard Life in particular was said to be worried the scheme was not linked to earnings growth.

Around 10% of proxy voters at yesterday's AGM voted against the proposals which may see Allied executive directors being handed share options worth six times their salary if the Bristol-based company manages growth in earnings of 21% over three years. Philip Bowman's salary last year was £743,000.

The move by Allied also attracted a hostile reaction from some investors because it comes as the company cut its dividend by £0.04 to £0.11 a share.

Companies: Allied Domecq

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