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28 Feb 2014

GlaxoSmithKline Boss's 2013 Bonus Doubled Despite Scandal in China

GlaxoSmithKline's chief executive, Sir Andrew Witty, doubled his bonus last year, collecting £1.9 million even after the massive corruption scandal the company still faces in China cut his payout by £245,000.


Witty received a pay and shares package of £6.5 million after GSK had the best year ever in its labs, but in light of the China scandal the company's remuneration committee decided not to award his maximum possible bonus of £2.12 million.


Tom de Swaan, who chairs the committee, wrote in a letter to shareholders: "Both Sir Andrew and the board are mindful of the impact this issue has had on the reputation of the company. As a result, the bonuses awarded for 2013 were lower than they otherwise might have been."


To read the full story in The Guardian, click here.

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