Earlier today the High Pay Commission published their report: Cheques With Balances: why tackling high pay is in the national interest. It confirmed what many of us have suspected, that executive pay has got out of control and we are certainly not 'all in this together'.
Barclays Bank has disgraced themselves by employing the executives with the most stratospheric remuneration increases since 1980. Their top executive's earnings have increased by a mammoth 4899.4% since 1980, whilst wages for the average worker have only seen a three fold increase.
The High Pay Commission’s programme of reforms include:
The High Pay Commission’s programme of reforms include:
- A radical simplification of executive pay
- Putting employee reps on remuneration committees
- Publishing the top ten executive pay packages outside the boardroom
- Forcing companies to publish a pay ratio between the highest paid executive and the company median
- Companies to reveal total pay figure earned by the executive
- Establishing a new national body to monitor high pay.
I say aye to tackling excessive pay and perks in the public, not for profit and private sectors.
