CITY WHISPERS: Outspoken Dechra boss Ian Page takes £1m pay hit

Dechra Pharmaceuticals boss Ian Page has just paid nearly £1million less than last year, according to the veterinary supplier’s annual report.

He’s still around £2million a year, but the drop – mainly due to lower pensions and lower long-term bonuses – makes unrest unlikely as shareholders vote on executive pay next month.

But there may be concern over Page’s comments in The Sunday Times that affirmative action means the successor to the commission’s head, Ishbel Macpherson, ‘must be black… it drives me nuts’.

Still, the group of headhunters has hired Audeliss to search for a new executive director as Macpherson prepares to leave in fiscal 2023.

They will no doubt bear in mind that Dechra itself admits that it will have to ‘work harder’ in the coming years to increase the company’s diversity.

Maybe next time Page should choose his words better?

AO World Bosses Face Shareholder Rebellion Over Wage

Unlike Dechra, the bosses of AO World can get into a scuffle with shareholders over pay.

Proxy advisor Pirc has urged investors in the electric retailer to oppose both last year’s wages and wage rule policies for the next three years.

Pirc says incentive plans can reach 300 percent of salary — well above the recommended limit of 200 percent.

An uprising would be the last of AO World’s woes, following a string of profit warnings and a struggling stock price.

Emeralds and rubies better for short-term returns

Diamonds may be forever, but emeralds and rubies may be better for short-term returns, according to brokers at investment bank Liberum.

They were pleasantly surprised by Gemfields’ sales at a recent emerald auction, where the company made £29 million, while Liberum had estimated £13 million.

It should be noted that Liberum is the real estate agent. It is certain that higher prices are permanent, although the forecasts are not yet being tinkered with.

But a report it released said the sale was so bubbly that there’s “a clear possibility we’ll see a dividend or buyback announced” in the results expected September 29.

There may also be updates on the company’s long-held desire to open a sapphire mine.

‘Turbofan’ blows on Rolls-Royce

Beleaguered engine maker Rolls-Royce raised eyebrows when it appointed little-known former BP chief executive Tufan Erginbilgic as boss Warren East’s successor.

Its nickname among industrial companies is ‘Turbofan’ – Turbo refers to its speed at turning divisions.

Whether this name was ever used for him or not, someone with a skill set that includes turbocharger growth couldn’t be more valuable.

East’s tenure has been marked by restructuring, although the pandemic pushed the group into what might charitably be called its financial trough. Fasten your seat belts.

Contributor: Patrick Tooher