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Registered: 02/26/01
Posts: 9,134
Pigs at the trough
    #3056606 - 08/27/04 03:33 AM (13 years, 6 months ago)

Boardroom pay bonanza goes on

Exclusive survey shows 12.8% rise

Julia Finch and Jill Treanor
Friday August 27, 2004
The Guardian

Directors' pay climbed 12.8% last year - three times faster than average earnings - taking the average pay packet for a chief executive to ?1.7m. The increase, revealed in the Guardian's annual pay survey, follows a 23% average rise the previous year, and 17% the year before.
Nearly 190 directors were paid a total of more than ?1m last year, the survey shows. They were all men. Excluding gains from share options and other incentive plans, a chief executive's average basic pay is now just under ?600,000.

Average earnings last year climbed by 4.7%, or 3.6% when City bonuses are stripped out of the national figures. Average pay in the UK is now about ?24,600 - one 70th that of the average chief executive.

The survey comes at a time when City investors want companies to spell out the relationship between boardroom and shop floor pay in their annual reports.

The National Association of Pension Funds wants Britain's biggest companies to publish a ratio showing how total directors' pay compares with that of the workforce. However, the companies are resisting the demands.


The vested interests that push up the figures

Curbs have done little to shrink bosses' pay

Friday August 27, 2004
The Guardian

Every year, we wait with baited breath as the computers whir through the final calculations of the Guardian's annual boardroom pay survey. Will this be the year when directors' pay rises bear some resemblance to the sort of numbers normal mortals have to rub along on?

Frankly, the bit about the waiting and the baited breath is a trifle exaggerated, because the whole notion of directors' pay rises bearing any relationship to the usual wage determinants - like available supplies of skill and talent, the rate of inflation, profits or just plain merit - is quaint, if not laughable.

In Directorland, the good times have been rolling for years, despite successive governments calling for boardroom pay restraint and recent (hollow) threats of legislation if directors didn't do the honourable thing. Increasingly scientific methods are used to measure management performance on which bonuses are based and shareholders regularly say "enough is enough" when underperformers are over-rewarded. But it is never enough. So it was no surprise that our new survey showed boardroom pay up an average of 12.8% last year. OK, it is down on last year's 23% rise, but it is still nearly three times the 4.7% increase in UK average earnings (which dwindled to a much more recognisable 3.6% when the impact of the annual bonuses paid to a relative handful of City workers is excluded).

Where will it end? Not here and not yet. A tightknit industry has grown up advising companies on executive pay and it would be a brave consultant who suggested pay cuts to a non-exec on a remuneration committee if they also advise the company where that director works full time.


Don't worry, B. Caapi

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Ten ThousandThings

Registered: 11/02/03
Posts: 3,171
Loc: The Shining Void
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Re: Pigs at the trough [Re: Xlea321]
    #3056671 - 08/27/04 03:52 AM (13 years, 6 months ago)

I wonder if Jerry Bruckheimer is one of those directors! :laugh:

I bet M. Night Shaymalans is in on it! He seems like a greedy bastard.

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Registered: 02/26/01
Posts: 9,134
Re: Pigs at the trough [Re: Divided_Sky]
    #3056809 - 08/27/04 04:48 AM (13 years, 6 months ago)

Could well be. His work is atrocious so it's certainly possible.

Don't worry, B. Caapi

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Dark Stranger
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Registered: 02/02/04
Posts: 931
Loc: Riding a bassline
Re: Pigs at the trough [Re: Xlea321]
    #3056980 - 08/27/04 07:17 AM (13 years, 6 months ago)

oink oink!!!

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