ON THE SPOT
GIULIETTA TALEVI: Brait chair Chris Seabrooke justifies new incentive scheme
The company has drawn plenty of ire for its decision to wind up an executive incentive scheme at a huge cost
Brait has drawn plenty of ire for its decision to wind up an executive incentive scheme at a huge cost to the company. Business Day asked Brait chair Chris Seabrooke why, in the face of public opprobrium, it is working on another executive incentive plan. We’ve obviously got a team that has competitive offerings from time to time, who we need to retain in the interest of shareholders. So there’s no question that we need to design a suitable scheme, the key is the word suitable. It would be hard to call the last scheme a retention scheme, as as only four of the original nine-member investment team are left. Well the scheme was designed with best intentions and put to shareholders, 94% of whom voted in favour. The outcome of the scheme, obviously relative to the share price, was not where anybody would have liked it to be …. There’s no scheme that can say: we’re locking you in for 10 years, you can’t go anywhere else, you can’t do what you want to do. We want to design something that ...
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