The board of directors at Britain's third-largest company has suffered a landmark defeat by shareholders over the salary package of its chief executive.
The 'fat cat' pay debacle took a dramatic twist as shareholders of drugs firm GlaxoSmithKline staged a revolt over executive pay.
Shareholders voted against amendments to the contract of chief executive Jean-Pierre Garnier, which could have seen him walk away with £22m if he was dismissed.
The company announced that 50.72 per cent of shareholders rejected the proposals while 49.28 per cent backed them.
The move marks the country's first major shareholder rejection of a remuneration report since the Companies Act gave shareholders the right to register their opposition to excessive executive reward packages.
Company boards are under no obligation to take any action as a result of such a vote.