Shareholders revolt at Cable and Wireless bonus

Fat cat, moi? Not really... burp!

Cable and Wireless has faced an embarrassing revolt over a compensation package including options over shares worth £2.2m for chief executive Graham Wallace. Four of the largest shareholders, including Standard Life and Morley Fund Management, led a revolt over the scheme, which saw 29 per cent of the company's shareholders rejecting the proposed options plan. They were upset that Morley stood to receive such a large payout when the company merely performed in line with the sector. However, Wallace confirmed plans to press ahead with the plan, even though less than half of the shareholders voted on the issue.