Shareholders to oppose drug giant's 'golden farewell'

Drugs giant GlaxoSmithKline is heading for another face-off with shareholders at its annual general meeting next month over a “golden farewell” package for chief executive Jean-Pierre Garnier.

Groups representing shareholders have already spoken out against the concept of two-year rolling contracts for directors, of the kind that will entitle Mr Garnier to around £5m (€7.2m) severance pay were he to leave the company.