Last laugh for chief in Debenhams row

IT was the shareholder uprising that never was. As the big battalions began to line up against her, Debenhams boss Belinda Earl, who was catapulted into her job little more than a year ago, seemed to be heading for her first big showdown.

The powerful Association of British Insurers last week advised its members to vote against a plan that appeared to allow Debenhams executives to cash in on share options, even though the company had fallen short of its performance targets.

What the ABI had failed to notice was that Earl, 39 - who took six weeks maternity leave but was back at work in time to present last month's results - had excluded herself from the windfall. And so had all the other executives.

The deal was simply to make sure that about 500 other staff and managers did not lose out because of start-up losses that were nothing to do with them, said the company.

The ABI had flagged a 'red top' warning on its voting advice service for members. But now it has been left with a red face.