Monday, August 08, 2016

The Bosses Still Rake It In

The bosses of Britain's biggest companies now take home an average of £5.5m per year, a new report from the High Pay Centre says.

Chief executives of firms on London's FTSE 100 index saw their mean average income rise by 10% in 2015. Median pay rose to just under £4m, 144 times the median wage of the average Briton, which is currently £27,600. On average, chief executives were paid 129 times the earnings of their own employees.

The High Pay Centre's report found that increases in salaries were bigger for a select few chief executives at the largest companies. The head of the advertising group WPP, Sir Martin Sorrell collected the highest amount, a total of more than £70m. Other high earners were Berkeley Group's Tony Pidgley, and Reckitt Benckiser's Rakesh Kapoor, both of whom took home more than £23m last year.

Stefan Stern, director of the High Pay Centre, said the think tank's latest report showed there was "no end yet in sight" to the rise of FTSE 100 pay packages.

The Executive Remuneration Working Group, which includes some of Britain's most high-profile bosses, to declare that executive pay in the UK is "not fit for purpose" and needs reform. They said there was "widespread scepticism and loss of public confidence" in big businesses as a result of the levels of pay.

just like cream, scum rises to the top. Being a boss is like smoking hash, the more you suck, the higher you get

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