Sky criticised over Murdoch bonus

Thursday October 25 2007

BSkyB has been criticised for the "excessive" bonuses paid to chief executive James Murdoch ahead of next week's annual general meeting.
The Pensions Investment Research Consultants, or Pirc, said Mr Murdoch was paid more than 500% of his base salary last year, "which we deem excessive".
Pirc, which is an advisory body for institutional investors and owns a single share in Sky, criticised the company's remuneration report for failing to disclose the maximum awards or the related performance targets.
A Sky spokesman said: "Sky's remuneration policy is designed to engage and retain world-class talent for the benefit of all shareholders."
Pirc also renewed its calls for shareholders to oppose the re-election of Rupert Murdoch as chairman of Sky.
Mr Murdoch has been chairman since June 1999 and is standing again for the post at the annual meeting on November 2.
Pirc's policy is to oppose the election of a chairman connected to the company's controlling shareholder.
Mr Murdoch is chairman and chief executive of News Corp, which owns a 40% stake in Sky, and is also the father of James Murdoch.
Last year shareholders ignored a similar call from Pirc and re-elected Rupert Murdoch with an overwhelming majority.
Sky declined to comment on next week's election for chairman.