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InvisibleXlea321
Stranger
Registered: 02/26/01
Posts: 9,134
Boardroom pay "naked kleptocracy"
    #3464007 - 12/08/04 12:34 PM (12 years, 10 months ago)

The naked kleptocracy that leads Britain's private sector

Public services now routinely outperform their corporate counterparts

This week's survey of pay at the top is another shocker. FTSE top companies' non-executive directors paid themselves a sky-rocketing increase of 38% in the past 12 months, according to consultants Watson Wyatt. Pay structures in boardrooms are now a profoundly dysfunctional market failure on a grand scale. Yet the government has not even threatened to intervene, as it should in those aspects of capitalism where the market fails to regulate itself.

Incomes Data Services (IDS), an independent research organisation that tracks pay, reveals just how grotesque top levels have become. Monitoring the ever-growing pay gap between the boardrooms of the top 350 companies and the managers who carry out their orders, IDS finds that for every ?100 directors received in 1998, they now get more than double - ?213. Compare that with the average manager or professional who now gets only ?127 for every ?100 in 1998. All this, you will recall, happened during a drastic stock market fall that left pension funds (but not the pension pots of top executives) in deep debt. This is not just a matter of envy: top pay is fracturing a sense of fair reward all through the pay structure - with the chasm not just between top and bottom but between public and private. There needs to be at least some semblance of rational justification for earnings differentials.

The idea that "globalisation" and ineluctable market forces are responsible was disproved by the Work Foundation, whose research found no global market in top executives: most FTSE CEOs are home-grown, mainly promoted from within their own companies, with scant international demand for their skills. Their hyperpay is turning boardrooms into a naked kleptocracy.

The government has feebly urged shareholders to get a grip on their companies. There have been some weak protests at company AGMs, to no avail. The National Association of Pension Funds (NAPF) - representing huge institutional investors - issued guidelines exactly a year ago that said all companies should disclose the ratio of pay differentials between the remuneration of their executive directors and the rest of the workforce. But virtually no companies have published the connection between rises in the board's pay and rises in the rest of the company. Why are even the NAPF investors so powerless? Perhaps because their leaders are themselves at the top of their own large investment companies and playing the same game.

http://www.guardian.co.uk/comment/story/0,3604,1368699,00.html


--------------------
Don't worry, B. Caapi


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InvisibleOJK
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 User Gallery
Registered: 06/08/03
Posts: 10,629
Re: Boardroom pay "naked kleptocracy" [Re: Xlea321]
    #3464072 - 12/08/04 12:51 PM (12 years, 10 months ago)

:thumbup:

Britain went wrong when we started de-nationalising public services. Socialism is the way forward.


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Anonymous

Re: Boardroom pay "naked kleptocracy" [Re: OJK]
    #3465162 - 12/08/04 04:45 PM (12 years, 10 months ago)

you are aware that the guardian is not a newspaper?


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Invisiblez@z.com
Libertarian
Registered: 10/13/02
Posts: 2,876
Loc: ATL
Re: Boardroom pay "naked kleptocracy" [Re: Xlea321]
    #3465425 - 12/08/04 05:35 PM (12 years, 10 months ago)

Quote:

Alex123 said:
Public services now routinely outperform their corporate counterparts




Strange....I don't see anything in the article that backs that up.


--------------------
"Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." - C.S. Lewis

"I would rather be exposed to the inconveniencies attending too much liberty than to those attending too small a degree of it." - Thomas Jefferson


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Anonymous

Re: Boardroom pay "naked kleptocracy" [Re: z@z.com]
    #3465454 - 12/08/04 05:41 PM (12 years, 10 months ago)

the guardian is not a newpaper. take fox news, the weekly standard, and monthly statements by the PNAC, add a few links from our dear friend great_satan, mix them all together, reverse political orientation, multiply by 2, and there you have the guardian. not a newspaper. a leftist propaganda rag.


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InvisibleXlea321
Stranger
Registered: 02/26/01
Posts: 9,134
Re: Boardroom pay "naked kleptocracy" [Re: ]
    #3496483 - 12/14/04 11:56 AM (12 years, 10 months ago)

:rolleyes:


--------------------
Don't worry, B. Caapi


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Anonymous

Re: Boardroom pay "naked kleptocracy" [Re: Xlea321]
    #3496498 - 12/14/04 12:02 PM (12 years, 10 months ago)

i was wondering when you were going to get around to posting a defense of your favorite rag. excellent eye-rolling.  :thumbup:


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InvisibleXlea321
Stranger
Registered: 02/26/01
Posts: 9,134
Re: Boardroom pay "naked kleptocracy" [Re: ]
    #3496509 - 12/14/04 12:06 PM (12 years, 10 months ago)

Amusing how in one of pinkys regular "the media are left wing" threads he quoted the guardian reporting a story he felt wouldn't be reported by the left wing media :grin:

Incidentally, I doubt you've read the article but if you had you'd notice it wasn't a Guardian editorial at all - it was a report from the IDS.

Don't tell me - the IDS are communist sympathisers too..

Here's another one just for you:

:rolleyes:


--------------------
Don't worry, B. Caapi


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