Greene King could face a shareholders' revolt at this week's annual meeting over a bonus scheme for directors. Advisory group Pirc claims that these will still be paid out even if earnings fail to hit City targets. The group is also urging opposition to the re-election of former chief executive Tim Bridge, who became chairman this year in breach of best-practice guidelines. His total pay of £802,000 last year included a bonus for £361,000. According to The Observer, some City analysts believe Greene King paid too much for Scottish brewer Belhaven. They say the Suffolk brewer had not fully taken into account the deleterious effect on sales of next year's smoking ban north of the Border. But Datamonitor's John Band says the £187m deal will enable Greene King to get its beers into a new market. It will also add several valuable brands to its portfolio. Columnist Heather Connon says Greene King should be given credit for pulling off a deal which will bolster its market clout. The deal could also make Greene King attractive as a merger candidate for another regional brewer. Wolverhampton & Dudley, says Connon, comes to mind. Meanwhile The Business says the Belhaven deal has raised speculation over the fate of other independent brewers like Fuller, Smith &Turner, Young's and Hardys & Hansons. The Mail on Sunday 28/08/05 (Financial Mail) page2 The Observer 14/08/05 (Business) page 9 The Business 28/08/05 page 16