The French government this week announced plans to cap the salary of public sector chief executives at €450,000 per year. The decree, which will be released by the end of July assuming the socialists win a majority in the parliamentary election run-offs on Sunday, is designed to limit the accumulation of incomes, including fixed and variable […]
Posts Tagged ‘High Pay’
FTSE-100 chief execs down to their last £92,308 a week
Jun 13th, 2012 by Michael Meacher.Another story for ‘We’re all in it together’. A survey just published by Manifest/MM&K has found that the average pay of chief executives of FTSE-100 companies is now £4.m millions a year , just under £100,000 a week (though that threshold will probably be crossed next year). The average pay in their remuneration – salary, […]
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Glencore-Xstrata shenanigans show corporate managerial power out of control
Jun 3rd, 2012 by Michael Meacher.The joint stock company, the foundation unit of modern capitalism, is dead. But corporate managerial capitalism is alive and kicking. Whatever the constitutional theory that shareholders are in ultimate control, this myth is daily confounded by repeated evidence of management takeover from the inside. Shareholdings have become so remote and so fragmented, and the tentacles […]
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It’s not just bankers, it’s lawyers too
Feb 7th, 2012 by Michael Meacher.While bankers remain hate figure no.1, it is important to recognise that many other top occupations have joined the Gadarene charge to the trough. And it’s not just the board members and chief executives of the mega-corporations, who had a 49% increase in remuneration last year when the income of the bottom tenth rose just […]
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The million pound benefit cap
Jan 25th, 2012 by David Osler.I did realise that Asda sold shedloads of baked beans and breakfast cereal, but until this morning I did not know that the UK wing of Wal-Mart had moved into the market for economic indicators as well. But thanks to Retail Week, I am now aware of something called the Asda Income Tracker, which measures discretionary […]
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Pay freeze to 2020 – unless you’re a banker
Jan 23rd, 2012 by Michael Meacher.By a striking coincidence turkey-fattening season in the City, otherwise known as bonus time, happens to be rolled out at the same time as the rest of the population is being told that the pay freeze, after last year’s big 4.2% drop in real wages, is now expected to last till 2020. However, for the […]
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Lobbyists can still sleep soundly
Jan 22nd, 2012 by Michael Meacher.The Cameron technique becomes clearer by the day: Pick up a problem that is causing public anger, make an instant speech declaring himself fully on-side, and then hit it with a wet flannel. Bankers crash the economy and spark a slump – set up a Commission years later, then endorse its conclusions that are too […]
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Why does Labour find sado-masochism so appealing?
Jan 9th, 2012 by Michael Meacher.It is astonishing that sado-masochism, so beloved of the English upper classes in their sexual antics, is so infectious in the Labour Party, albeit in a very different context. There seems to be an obsession in some sections of the party that once the Tories go down the route of self-destructive austerity, we must at […]
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Cameron’s move on fat cats’ pay is just showbiz
Jan 8th, 2012 by Michael Meacher.First Cameron’s grandstanding: “We need to try give people a sense that we have a vision at the end of this of a fairer, better economy”. Then the idea: stop top people handing out hugely inflated salaries + bonuses + incentives + shares + share options to each other. Then the awareness that what has […]
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How much are you worth?
Nov 22nd, 2011 by Michael Meacher.The High Pay Commission set up by Compass,which has reported today today, offers a valuable service in providing detailed evidence of runaway pay packages at the top, headed by Barclays’ Bob Diamond with his £6 million a year over 3 years (£115,384 per week), the new ugly face of capitalism. But as so often with Compass […]
