The triangle that 利益s them all

By Patrick Hosking
Updated: 00:00 BST, 31 October 2001

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VERY occasionally the 可能性のある for 相互の 支援する-scratching in the boardroom becomes 明らかな. The Evening 基準 has 暴露するd one of the most 露骨な／あからさまの examples of directors' interdependence - and it 伴う／関わるs Sir Peter Bonfield, who today walks away from his 職業 as BT 長，指導者 (n)役員／(a)執行力のある with a 支払う／賃金-off worthms.

Sir Peter was one of three of Britain's most 上級の (n)役員／(a)執行力のあるs who would form a triangle of 相互の 利益. He sits on the remuneration 委員会 of 麻薬s 巨大（な） AstraZeneca and helps 始める，決める the 支払う／賃金 of Tom McKillo, its 長，指導者 (n)役員／(a)執行力のある. Mr McKillop sits on the Lloyds TSB remuneration 委員会 and helps 始める，決める the 支払う／賃金 of its chairman Maarten 先頭 den Bergh. And Mr 先頭 den Bergh in turn sits on the BT remuneration 委員会 which helped 始める，決める the 支払う／賃金 of Sir Peter.

No one is 示唆するing that the three men conspire to 解除する one another's 支払う／賃金, but the 存在 of the triangle is likely to be 掴むd on by those who 嫌疑者，容疑者／疑う the circle of blue-半導体素子 company directors is a bit too cosy.

The fact that Sir Peter received a £500,000 '業績／成果-関係のある' 特別手当 last year, when the BT 株 price 崩壊（する）d, does not help. The 存在 of the triangle will be 極度の慎重さを要する now Sir Peter has left before the expiry of his 契約 next year. Mr 先頭 den Bergh is one of those 責任がある setting any 補償（金） for loss of office.

All three companies 主張する their 法人組織の／企業の governance 基準s are the highest. 非，不，無 was able to say whether the three men were aware of their 相互に 有益な 関係. 非，不，無 had any 保護（する）／緊急輸入制限s to 妨げる them 存在 妥協d. 非，不，無 saw anything wrong with the 協定.

A BT 広報担当者 said: 'We don't see it as in any way 妥協ing. We just don't think there's an 問題／発行する.' He 強調する／ストレスd that (n)役員／(a)執行力のある 支払う／賃金 was 始める，決める by the entire remuneration 委員会, not just one man.

Lloyds TSB 解任するd our findings as 'a circuitous theory'. A spokeswoman said: 'Maarten is only one member of a whole 委員会 of people who decide [Sir Peter's] 支払う／賃金.'

There are no 支配するs stopping chains of directors sitting on one another's remuneration 委員会s. Peter Montagnon, 長，率いる of 投資 事件／事情／状勢s at the 協会 of British 保険会社s, said: 'We attach 広大な／多数の／重要な importance to the independence of remuneration 委員会s, but we're not proscriptive in that way.' He argues that the fact that such 関係s 存在する 論証するs there is a desperate 不足 of good 非，不，無-(n)役員／(a)執行力のある directors.

The 国家の 協会 of 年金 基金s has no 指導基準s to 取り組む the problem. But institutional 投資家s are aware of the 問題／発行する. One said: 'You do get these 状況／情勢s where they're scratching each others' 支援するs.'

Remuneration 顧問s are also 極度の慎重さを要する to the problem. Simon Patterson, 世界的な partner at 最高の，を越す 支払う／賃金 顧問s William M Mercer, said: 'Some of our （弁護士の）依頼人s are very nervous of this 肉親，親類d of 可能性 and take steps to 避ける it.'

Sir Peter was paid £1.3m in salary, 特別手当 and 利益s last year, up by £33,000 on the year before. On 1 April this year his base salary was 増加するd from £780,000 to £820,000. Mr 先頭 den Bergh has sat on Sir Peter's remuneration 委員会 since 1 September 2000. Sir Peter's leaving 選ぶ-up 含むs a £1.5m 支払う／賃金-off, 加える 特別手当 株 and 選択s which could be 価値（がある） another £1.3m over the next three years.

Sir Peter in turn helped decide the 支払う／賃金 of Mr McKillop, who last year was paid $1.8m, 含むing $554,000 価値（がある） of 特別手当s, $29,000 of 利益s and an $84,000 移転 allowance for moving from Cheshire to London.

Mr McKillop sits on the remuneration 委員会 for Mr 先頭 den Bergh, the former boss of 爆撃する . Mr 先頭 den Bergh's 支払う／賃金 has not yet been published, but his 前任者 Sir Brian Pitman was paid £488,000 last year.