StanChart struggles with pay-off

Joanne Hart12 April 2012

STANDARD Chartered is still struggling to reach agreement with former chief executive Rana Talwar over the compensation he is due after resigning abruptly nearly four months ago.

Talwar was paid $910,000 (£638,000) last year but received no bonus. In 2000, his salary and bonus package amounted to $2.15m. He was on a two-year contract and Standard Chartered has already made an unspecified provision for his pay-off.

New chief executive Mervyn Davies earned $1.35m last year and received $653,000 as an overseas allowance for working in Hong Kong. Now based in London, Davies and four other executive directors have been given two-year notice periods if Standard Chartered is taken over. Otherwise, they and other directors are on 12 months' notice.

Chairman Sir Patrick Gillam, whose replacement is expected to be announced shortly, saw his remuneration fall from $1.6m to $1.4m as the bonus element fell by 18%.

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