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Cairn share award claim

SIR Bill Gammell has claimed Cairn Energy should have better consulted with shareholders about the plan to pay him a £2.5 million bonus in shares which it withdrew following protests by some investors last week.

The payout was intended to reward the Edinburgh-based company's chairman for his work on the delayed £3.5 billion sale of a stake in the oil and gas firm's Indian business to Vedanta Resources.

The oil explorer shelved plans to give the shares to Sir Bill on January 24, six days after The Herald revealed that a corporate governance watchdog had questioned the proposed award. Manifest asked what justification had been given to investors.