OUTGOING GEC managing director Lord Weinstock yesterday used his valedictory address to mount an attack on the Greenbury and Cadbury pay review bodies after weeks of wrangling over the pay package awarded to his successor George Simpson.

Lord Weinstock told the company's annual general meeting in London that shareholders should be the real regulators of executive pay.

He told investors if they had any suspicion over company directives "sell your shares".

He added current corporate governance measures "destroy the trust which must exist between shareholders and the people who run their company".

His comments came at the end of the meeting which had been seen as a potentially rough ride for the company. In the end the meeting passed without incident.

Any disgruntled shareholders were appeased by a pre-emptive strike by chairman Lord Prior who apologised to them for the company's handling of the affair.

"We regret very much the embarrassment this caused," he said.

He told investors press estimates of Mr Simpson's salary were misleading and the true figure was closer to £900,000 per year, against the £10 million figure over five years which had been quoted.

Lord Prior said Mr Simpson's pay was lower when "compared to other British chief executives".

Several shareholder questions skirted round the pay issue, but Lord Prior answered or deflected them quickly.

A standing ovation from the entire room paid a final farewell to their departing chief.

After the meeting several investors expressed regret the questioning had not been tougher, but the consensus was that Lord Prior's remarks had quietened any unease over the Simpson remuneration.