Glaxo defends non-execs' gravy train

DRUGS giant GlaxoSmithKline has refuted claims that bumper pay awards to non-executive directors will undermine their independence.

The group believes it has been underpaying non-execs and wants to raise salaries to the industry average, which it says is £57,000.

A spokesman said: 'If you want to compete in the global market you need to attract the best talent.'

Glaxo proposes its 10 independent directors get a 7% rise in their annual wage, which will go up to £60,000.

Ronaldo Schmitz, 65, will be the highest paid non-exec, earning £90,000 for heading the audit committee. Two of his colleagues stand to receive £80,000 each.

Glaxo was forced into a stand-off with investors over chief executive Jean-Pierre Garnier's 'excessive' salary and bonus.

This time it has sounded out major shareholders, who have given the pay scheme the green light.