Smith & Nephew U.S. pay wheeze hides deeper logic edwardcropley
Smith & Nephew board members have discussed moving the British medical devices company’s listing to the United States, chiefly to allow it to pay Chief Executive Namal Nawana a higher salary, the Financial Times reported on June 25.
Smith & Nephew declined to comment directly on the report, saying it was “focused on delivering its strategy and on continuing to build on the momentum in the business”. De-listing from London was “not part of this strategy”, it said. Smith & Nephew shares, which have gained 16% so far this year, were down 0.4% at 17.18 pounds by 1203 GMT on June 25.
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