Honestly, this makes my blood boil. It raises so many issues.

1. Was Emma's lack of experience as a CEO a convenient excuse?

2. Did Sir Andrew start low and work up to a significant package?

3. Did Emma fight for more and lose?

4. Did Emma take a punt on it, in the solid belief that she will succeed and get a guarantee of the same package next year?

5. Did the company think they could get away with it?

6. Why didn't they spin it?

The most serious issue however is that they didn't see the opportunity to win reputationally, motivate staff and impress the market by offering Emma an identical package. Plus ├ža change....