All in it together, eh Gideon? FTSE fat cats see pay rocket 50 per cent

As millions suffer the squeeze in Austerity Britain, the pay of FTSE 100 directors rose 50 per cent in the last year, a sickening new report reveals today.

As millions suffer the squeeze in Austerity Britain, the pay of FTSE 100 directors rose 50 per cent in the last year, a sickening new report reveals today.

The extraordinary rise takes the average pay of a FTSE director to nearly £2.7 million.

Bonus payments for directors soared nearly a quarter, up from a mere £737,000 to £906,000. The figures have been described as “obscene” by Len McCluskey, the general secretary of Unite.

He said:

“The Government should strongly consider giving shareholders greater legal powers to question and curb these excessive remuneration packages.

“Institutional shareholders need to exercise much greater scrutiny and control of directors’ pay and bonuses.

“It’s obscene and it shows that the City has learnt nothing during the financial troubles of the last four years.”

With TUC boss Brendan Barber adding:

“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.”

As James Moore, writing in the Independent, put it:

“One group seemingly immune to the impact of inflation, unemployment, economic stagnation and all the other woes afflicting this country is the men (it’s usually men) who sit around the boardroom tables of Britain’s biggest public companies.”

Those who have the most are getting more, as the poorest in our society suffer and suffer and suffer under George Osborne’s cuts. This report is just the latest proof that we aren’t “all in it together”; if ever the protesters camped outside St Paul’s needed more motivation to continue their fight for fairness this is it.

We cannot go on like this.

See also:

Top five reasons why you can’t protest (according to the right)Alex Hern, October 26th 2011

Outrage at 733 per cent rise in energy companies’ profitsShamik Das, October 14th 2011

Exclusive: 98 of the FTSE 100 companies are addicted to tax havensAsha Tharoor, October 11th 2011

FTSE suffers worst quarterly fall since 2002 as fears rise of “Great Stagnation”Shamik Das, September 30th 2011

Has the coalition lost the plot on growth?Shamik Das, July 28th 2011

12 Responses to “All in it together, eh Gideon? FTSE fat cats see pay rocket 50 per cent”

  1. Michael

    All in it together, eh Gideon? FTSE fat cats see pay rocket 50 per cent //t.co/Buknla88

  2. angus murray

    RT @leftfootfwd: All in it together, eh Gideon? FTSE fat cats see pay rocket 50 per cent //t.co/8uZ7c9PC #fb

  3. Alex Braithwaite

    RT @leftfootfwd: All in it together, eh Gideon? FTSE fat cats see pay rocket 50 per cent //t.co/x9PmzIrz

  4. Vanessa Barker

    All in it together, eh Gideon? FTSE fat cats see pay rocket 50 per … //t.co/vmrRyLok

  5. As top pay soars, the 99% are left behind | Left Foot Forward

    […] life is OK at the top. As covered on this blog earlier today, the same organisation has today published new evidence – which topped the bulletins of the […]

  6. Aberdaberdoo

    How many of these companies are Tory donors?

  7. Mark Stevo

    Given this essentially refers to 2010 vs 2009 performance, and a large portion of this is likely share related, is anyone really surprised?

  8. robmacca

    While we are expected to lower our living standards as inflation exceeds pay awards, the bosses prove there is a class war in full flow.

    I’ve created a funny video ‘Kill The Fat Cat Director’ to try and lighten the topic slightly //www.youtube.com/watch?v=gljEXkwy9fw

  9. High pay damages our economy | Left Foot Forward

    […] All in it together, eh Gideon? FTSE fat cats see pay rocket 50 per cent – Shamik Das, October 28th […]

  10. Look Left – Cameron’s Euroscepticism comes home to roost | Left Foot Forward

    […] obscene rise, at a time when millions are struggling to survive, has been roundly condemned, and is sure to […]

  11. newspyre

    "As millions suffer the squeeze in Austerity Britain, the pay of FTSE 100 directors rose 50%, a sickening new report.." //t.co/17E2I4xn

  12. Tartan tabbies: Fat-cat Scottish judges seek pay rise | Left Foot Forward

    […] All in it together, eh Gideon? FTSE fat cats see pay rocket 50 per cent – Shamik Das, October 28th […]

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