Rating: £3 million payout to CEO, Hossein Yassaie, could cause upset
British chip designer Imagination Technologies, which amongst other things supplies graphics chips for Apple’s iPhone tablets, could well upset its shareholders in the coming days. The reason is that the company intends to pay the first portion of a £10 m ‘golden handcuffs’ deal to its CEO, Hossein Yassaie. In theory he will get around £3 million in December [2012].More than a third of its shareholders rebelled against a new bonus scheme back in September [2012 ] which could see employees collect stock equivalent to 15 per cent of the company’s issued shares over the next decade.
That figure exceeds the 10 per cent level recommended by the shareholder lobby group – the Association of British Insurers.
Imagination’s market value has soared by nearly 700 per cent to £1.2 billion (since 1998), as Iranian-born Yassaie has transformed the company into a world-leading graphics chips designer.
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