GlaxoSmithKline is braced for an embarrassing shareholder revolt over executive pay today but dismissed suggestions its chairman might step down over the issue.
Many GSK investors are seething at the "golden parachute" for chief executive Mr Jean-Pierre Garnier would receive if he lost his job.
The payment is estimated by Pensions Investment and Research Consultancy at $35.7 million (£22 million sterling) - a figure GSK disputes, since it includes some $12 million of already vested share options.
The British pharmaceutical company faces what could be the biggest snub to any board in this year's stormy annual general meeting season when investors vote on the pay package at today's AGM.
Analysts expect a resolution on executive remuneration to squeak through on proxy votes, but the scale of the protest vote is likely to be humiliating.
The National Association of Pension Funds (NAPF) and the Association of British Insurers, whose members together account for more than 40 per cent of investments in the London stock market, both disapprove. The NAPF has recommended that members abstain on the remuneration issue and the re-election of Mr Garnier and chief financial officer Mr John Coombe.
The powerful California Public Employees' Retirement System, Calpers, has also voiced opposition.
The result of the AGM vote is not expected until about 6 p.m. today, after the conclusion of the meeting which starts at 2.30 p.m..