Friday, October 29, 2010

FTSE 100 Bosses gave themselves a 55 per cent rise last year

"Short of throwing a champagne celebration for themselves outside a Merthyr Tydfil jobcentre, FTSE100 bosses could not have shown less tact."  Hat tip the!!!!

This news that directors of the top 100 companies in the UK gave themselves (forget the utter fiction that this is decided by "independent" remuneration committees) an average rise of 55% is just a kick in the teeth to all of us. 

What is worse - is that this was done in our name.  Our Pension and Insurance funds will, (despite being "owned" by ordinary Brits who would if they had the choice no doubt vote to block such theft of their dividends) approve all these disgusting payments at Company AGM's.

It is the bleeding obvious that the sector cannot regulate itself due to imbalances in favour of completely selfish and sometimes utterly corrupt City interests. 

We need the Government to act and allow the owners of companies to stop being ripped off by their managers. Hat Tip thingy Adam Smith


Anonymous said...

It has been going on for years.

Bosses want their employees to show pay restraint, but at the same time awarding themselves big pay rises. Most of these big bosses are milking the company.

John Gray said...

Hi anon

agreed - that is why we change. TU reps on remuneration committees?