C&W boss faces fat cat revolt

Money, money, money...

Graham Wallace, chief executive of Cable & Wireless (C&W), is facing a shareholder revolt over a proposed two year contract that would ensure him a £1.5m 'golden goodbye' if he lost his job. The National Association of Pension Funds has instructed its members to abstain from voting for Wallace's re-election as CEO, a report in this weekend's Independent on Sunday claims. The pension fund represents £650bn worth of C&W assets. The group question the need for Wallace to be on a two-year contract when other C&W executives are all on one-year deals. Reports elsewhere suggest Vodafone chief executive Sir Christopher Gent will come under similar fire from shareholders following details of a potential £6m pay day were revealed last week.