Executive pay keeps rising, Guardian UK survey finds

[marmar]

Executive pay keeps rising, Guardian survey finds
Full and part-time directors of FTSE 100 shared between them more than £1bn

Julia Finch and Simon Bowers
The Guardian, Monday 14 September 2009


Executives at Britain's top companies saw their basic salaries leap 10% last year, despite the onset of the worst global recession in decades, in which their companies lost almost a third of their value amid a record decline in the FTSE.

The Guardian's annual survey of boardroom pay reveals that the full- and part-time directors of the FTSE 100, the premier league of British business, shared between them more than £1bn.

Bonus payouts were lower, but the basic salary hikes were more than three times the 3.1% average pay rise for ordinary workers in the private sector. The big rise in directors' basic pay – more than double the rate of inflation last year – came as many of their companies were imposing pay freezes on staff and starting huge redundancy programmes to slash costs.

The Guardian data also shows that a coterie of elite bosses at the helm of multinational corporations are seeing their overall pay packets soar ever higher. The 10 most highly paid executives earned a combined £170m last year – up from £140m in 2007. Five years ago, the top 10 banked some £70m. .............(more)

The complete piece is at: http://www.guardian.co.uk/business/2009/sep/14/executive-pay-keeps-rising

[MichiganVote]

1. Honestly...pigs at the trough

[anonymous171]

2. Socialize the costs, privatize the benefits. nt