File 4 - Non-Executive Directors Fees

1 file

Correspondence and press cuttings regarding a reduction in the Independent Directors fees in 1984, and a renegotiation of the fee in 1989. Includes two draft copies of a letter from the Independent Directors of The Observer to Tiny Rowland in response to Lonrho's decision to reduce the annual fee payable to them from £4,000 pa to £1,000; copy of page 23 of The Financial Times with heading 'Lonrho's attributable profit is up 103% in 1983', containing details of the entire Lonrho empire including printing and publishing sector; photocopies of press cuttings from various national newspapers relating to the financial success of the organisation and the reduction in independent directors fees; correspondence regarding the reduction of the independent director fee to £1,000 from 1 April 1984, informing the reduction is a matter for the Board of management, details of financial losses; correspondence with Lord David Windlesham regarding the reduction; correspondence informing disapproval of the reduction in fees and Mitchell's draft letter to Terry Robinson; loose sheet entitled 'remuneration of the Directors' numbered 25-26; points from meetings of the Observer on 29 March 1984 and correspondence with Tiny Rowland in 1989 regarding rethinking the reduction in fees.

Creator: The Observer Limited; Sir Derek Mitchell