Monday, November 21, 2011

Deeply corrosive changes

Call to end ‘corrosive’ top pay deals, Brian Groom, Business and Employment Editor, Financial Times, November 21, 2011

Excerpts:
Executive pay should be radically simplified to halt spiralling awards that are “corrosive” to the economy and threaten to create the type of inequalities last seen in the Victorian era, the High Pay Commission has said after a year-long inquiry...

“There’s a crisis at the top of British business and it is deeply corrosive to our economy,” said Deborah Hargreaves, chair of the commission...

“When pay for senior executives is set behind closed doors, does not reflect company success and is fuelling massive inequality it represents a deep malaise at the very top of our society,” she added.

John Varley, Barclays’ top executive in 2010, earned ...169 times the earnings of an average British worker, whereas in 1980 Barclays’ top pay was just 13 times the average. Total earnings of the bank’s chief were 4,899 per cent higher than 30 years ago.

At BP, the boss earned 63 times the company’s average, while the 1980 multiple was 16.5.
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