Amvescap chief’s pay cut after protests

Amvescap PLC chief executive Martin Flanagan’s 2006 pay package was less than half of his compensation in 2005, according to a Financial News report.
This comes one year after investors protested against the company’s executive compensation practices.
Mr. Flanagan was paid a total of $5.7 million in 2006, compared to the $14.2 million that he received in 2005, according to the company’s annual report.
His 2005 compensation included a one-time payment of $12 million for stock options from his previous employer, Franklin Resources Inc. of San Mateo, Calif.
That year, London-based Amvescap paid a combined $21 million for incoming Mr. Flanagan and its retiring chief executive, Charles Brady, who took away a $9 million bonus.
The pay packages sparked a shareholder revolt, with 48.4% voting against the hefty rewards.
In 2006, he earned $790,000 in salary and a cash bonus of $4.75 million.
Amvescap reported $462.6 billion in assets under management as of Dec. 31, 2006 compared to $386 billion in 2005.