GSK ‘distraction’

Bondholders do not expect the shareholders’ rejection of GlaxoSmithKline CEO Jean-Paul Garnier’s controversial remuneration package to have any meaningful knock-on effects in the credit universe. In fact, some are concerned that heavy coverage of the headline-friendly event is distracting much-needed attention from more salient corporate governance issues.

Nigel Sillis, research analyst at Baring Asset Management, says: “I expect many of those in the higher echelons of large corporations

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