"LEAVING PAYMENTS" SHOULD BE APPROVED BY SHAREHHOLDERS.

There seems to be a flaw in the law concerning "pay- offs" to Directors who leave companies before the end of their "employment contracts".

Should Shareholders not have or be given the right to "vote" on all proposed severence payments to at least all Board Directors ?  Should such proposed payments not be retained and only made "payable" after the AGM ?

The CO-OP case is only the latest where Directors "want to cash in" even while the "going is not so good" and not to wait until the end of their contractual period of service.

Any Director should be obliged to wait until the end of his service contract to be "judged" by shareholders.  If he has no service contract a Director can be sidelined without compensation, but such a case is rare these days.

Should George Osborne not tighten-up and propose changes in the Companies Act ?
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