Remuneration And Perks Of Directors Of British Telecom

EDM number 1105 in 1990-91, proposed by Alan Williams on 11/07/1991.

That this House notes that shortly after it was privatised in November 1984 the nine directors of British Telecom collectively held options to buy 1,128,337 shares at 187p; notes that on 10th July 1991 these options would have yielded a profit of over ú2 million (ú2,014, 078); notes that Sir George Jefferson's share options would have given a profit of ú355,090 on that date (he retired on 30th September 1987), D. Bander Weyer (retired 30th September 1986), would have had an option profit of ú250,089, J Alvey (retired 30th June 1986) a profit of ú198, 543, R. E. G. Back (retired 31st August 1988) a profit of ú187,098, J. A. C . King (resigned 30th November 1988) a profit of ú206,181 and D. Perryman (retired 31st December 1987) a profit of ú198,543; notes that of those original directors who are still on the Board, I. D. T. Vallance and M. Bett, each stand to profit by ú213,818 from these original allocations of share options, and A. J. Booth by ú190,907; but notes that this does not reveal the full extent of their sharing of the monopoly spoils because Mr. Vallance's original 119,786 shares available on option have increased by 414,146 to 533,932, Mr. Bett's by 123,158 from 119,786 shares to 242,944 and Mr Booth's by 238,998 from 106,951 shares to 345,949; notes that these three plus four new directors currently hold options to buy 2,177,212 shares; believes that it is contemptible that so few snouts are so deeply in this Tory trough for so much; and notes that despite these enormous unearned capital gains so great is their all-consuming greed that they have also had massive salary increases; and calls upon the Director-General of OFTEL to report to Parliament on the full extent of their perks and pay.

This motion has been signed by a total of 43 MPs.