Business as usual: top directors get 49 per cent pay rise (UK)

[cory777]

Source: The Independent

The directors of Britain's largest companies were last night condemned as "elite greedy pigs" for pocketing a 49 per cent pay rise in the past year, while average workers failed even to keep up with inflation.

Unions exploded with fury after the publication of figures that showed how boardroom pay soared in the last financial year, thanks to rising salaries, bonuses and in particular the swelling value of directors' long-term share plans. The statistics, compiled by Incomes Data Services, provide an annual snapshot of executive remuneration, as reported in companies' most recent reports to shareholders, and show that the chief executives of the FTSE 100 largest companies earned an average of £3,855,172 last year. That is an average 43 per cent rise and, adding in other directors, total earnings rose by an average 49 per cent.

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"Boardroom pay rewards are a brazen stitch-up," said Brendan Barber, the TUC's general secretary. "Top directors have used tough business conditions to impose real wage cuts, which have hit people's living standards and the wider economy, but have shown no such restraint with their own pay. Reform should start with employee representation on remuneration committees, which would give directors a much-needed sense of reality."

FTSE 100 directors' salaries rose by little more than 3 per cent, but the mean bonus was £906,044, up an average 23 per cent on 2010. Long-term incentive plan values made up the bulk of their earnings increase.

Read more: http://www.independent.co.uk/news/business/news/business-as-usual-top-directors-get-49-per-cent-pay-rise-2376929.html

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[barbtries]

1. greed

will do in the human race.

[StandingInLeftField]

2. Or at least parts of it...

:nuke:

[KansDem]

3. I suppose "50%" was considered "too excessive."

:eyes:

[craticdemo]

4. pathological greed.