Order of the boot gets tougher

By Jonathan Prynn for MailOnline
Updated: 00:00 BST, 17 April 2003

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BEING 解雇（する）d is never fun. Whether the 派遣（する） is dressed up as '出発 by 相互の 同意', 'leaving to 追求する other 利益／興味s', 'spending more time with his family', or any other of the anodyne euphemisms wheeled out to spare the blushes, the 冷淡な reality is the same: there is no longer any 推論する／理由 to get up in the morning.

During the sunny years of the 1990s and the internet にわか景気, the sharp 苦痛 of dagger in 支援する was at least dulled by the generous 補償（金） that followed the boss through the 出口 door. No more.

As 株 prices have 急落するd and the number of 上級の directors leaving under a cloud has 増加するd, the City has come 負かす／撃墜する hard on 支払う／賃金-offs. What in the good times was seen as 許容できる 補償（金） for loss of office is now regarded as 容認できない 'reward for 失敗'.

This year's 報告（する）／憶測 and accounts and 年次の general 会合 season has thrown up a 集まり of 証拠 of a new hard line taken by companies, under 激しい 圧力 from their 株主s. On Monday the music 巨大（な） EMI 削減（する） the contractual severance 条件 for its chairman Eric Nicoli and 財政／金融 director Roger Faxon from a 支払う／賃金-off of two years' salary to one in the event of a change of 支配（する）／統制する of the company.

On Wednesday, the 所有物／資産／財産 会社／堅い London Town parted company with 長，指導者 (n)役員／(a)執行力のある Jonathan Buchanan and baldly 明言する／公表するd in its 在庫／株 交流 告示 that 'no 補償（金） is payable'.

It is a 傾向 that other companies are sure to follow. によれば one 法人組織の／企業の 助言者 many 出発s below main board level are already 遂行する／発効させるd without 支払う／賃金-offs. When Berkeley Group の近くにd its upmarket homes 分割 Thirlstone in January, the (n)役員／(a)執行力のあるs were told to leave that day and not to 推定する／予想する any 補償（金）.

At a 子会社 of another major UK company, the 長，指導者 (n)役員／(a)執行力のある was 運ぶ／漁獲高d up to the boardroom and told to 落ちる on his sword. There was no 支払う／賃金-off. によれば one 助言者 'when he went 支援する 負かす／撃墜する to 歓迎会 to 運動 home he was told his company car had already been taken away. He had to go home by train.'

At the 最高の，を越す level, directors who have been in the public 注目する，もくろむ and with good lawyers are likely to put up more of a fight. The City is waiting to see the 結果 of 会談 between two 世帯 指名する companies - Cable & Wi reless and ICI - and their recently 出発／死d 長，指導者 (n)役員／(a)執行力のあるs, Graham Wallace and Brendan O'Neill. The 条件 of their leaving are likely to 始める，決める new （判断の）基準s for major company 支払う／賃金-offs.

Wallace, dethroned in January, is said to be 持つ／拘留するing out for the 十分な £1.5m he is する権利を与えるd to under the 条件 of his 契約. The company is thought to be resisting his 需要・要求するs. 一方／合間, at ICI, the 審議 centres around whether O'Neill, who 辞職するd this month, is する権利を与えるd to only his £615,000 basic 支払う／賃金 or the £1m-加える value of his 一括.

Many of the Plc accounts now 存在 分配するd 含む for the first time 非常に長い explanations of their board's service 契約s. Long-serving directors still on 'pre-Cadbury' two-year 契約s are 存在 説得するd to come into line with 現在の best practice, the highest-profile example 存在 BP's 長，指導者 Lord Browne.

A handful still 持つ／拘留する out. In its 2002 accounts 請負業者 Balfour Beatty said 長，指導者 (n)役員／(a)執行力のある マイク Welton's 24-month notice period would not be 減ずるd because 'it would not be in 株主s' 利益／興味s' to 支払う／賃金 him 補償（金） for such a move.

The argument is 解任するd as 'nonsense' by Stuart Bell of the 年金 基金 consultancy Pirc. He said: 'Any (n)役員／(a)執行力のある who wants to 交渉する 補償（金） for 落ちるing into line with best practice has got to have やめる a major question 示す over his judgment.'

For high-飛行機で行くing (n)役員／(a)執行力のあるs only now stepping up to board level, the 激しい scrutiny of 支払う／賃金-off 条件 means 契約s are 存在 written with a 以前 unheard of 量 of attention lavished on the 'what if ' 条項s. 指導基準s from the 国家の 協会 of 年金 基金s and the 協会 of British 保険会社s published in December 需要・要求する companies 令状 far tougher 契約s 要求するing 'mitigation' of 損害賠償金 when a director is 追い出すd.

This usually means making 月毎の 支払い（額）s until the director has a new 職業. The 最近の history of 法人組織の／企業の Britain is littered with example of directors 出口ing one boardroom door clutching swag only to disappear through another within weeks.

Directors may whinge about the new hair-shirted 時代 of 法人組織の／企業の governance worship but the 経済的なs of boardroom 血- letting have changed - かもしれない forever and almost certainly for the better.