Latest News
[Satellite TODAY 05-05-12] More than 40 percent of Inmarsat shareholders refused to cast a vote of support for the company’s remuneration report during a May 3 annual meeting, according to an Inmarsat statement.
The MSS operator said investors expressed concern regardin paying Executive Chairman and Former CEO Andrew Sukawaty his same salary as last year — 615,000 British pounds ($995,000) base pay, or 2.66 million British pounds ($4.29 million) with bonuses — after handing over the position to new CEO Rupert Pearce, whose base salary is 410,000 British pounds ($662,437).
The company said Sukawaty’s base salary is relatively low for his experience, and that bonuses were needed to provide incentive for him to stay with the company. Inmarsat also said that its largest shareholders, including Lansdowne, BlackRock and Legal & General, had voted in favor of the pay deal. “No investor raised any concerns during recent roadshows,” Inmarsat said in a company statement.
Imarsat’s total revenues for the 2011 full-year were up 20 percent from 2010, though the growth was primarily driven by payments from LightSquared, which have now ceased as the 4G LTE operator struggles with regulatory issues.
Get the latest Via Satellite news!
Subscribe Now