Just Desserts

How refreshing to see someone rewarded for a lifetime of good work as against the current fashion of making huge pay-offs to directors just before the companies they "managed" either went belly-up or were left in dire straits.

Glaxo's retiring chairman and former chief executive Sir Paul Girolami's leaving package - which includes provisions of L4.2 million ($6.6 million) for unfunded pensions due to early retirement, runs into even more multi-millions than most people could dream of having and has been the cause of critical press comment - but it reflects the worth of a man who was faithful to his company and shareholders through good times and bad.

Sir Paul, who has been with Glaxo for 29 years, has brought the company up from the middle ranks of drugmakers to number two (sometimes even just ranking one with Merck & Co) prescription pharmaceutical company in the world, and any one who has invested in Glaxo long-term has reaped very substantial rewards, both in terms of capital gains and of dividends.