Saturday, June 11, 2022

Bonuses for the Bosses

  Inflation is at a 40-year high, fuel prices have repeatedly hit record levels and a global recession is a real threat. While the prime minister urges restraint on worker pay, at the top of the pyramid the bosses' bonuses are back.

The average pay of FTSE 100 bosses has sprung to pre-Covid levels. Chief executives were paid £3.62m on average in 2021, rebounding from £2.78m in 2020.

The Restaurant Group chief Andy Hornby, best known for leading Halifax Bank of Scotland before its state bailout, landed a £578,000 bonus in May.

 Next chief, Tory peer Lord Wolfson, received £4.4m, his highest payout since 2015.

Last year, defence giant BAE Systems handed its CEO, Charles Woodburn, a pay rise and a £2m “golden handcuffs” share deal after miner Rio Tinto tried to poach him.

The National Grid infrastructure boss, John Pettigrew, has just scooped his biggest pay packet since taking charge in 2016 as energy bills soar.

Total annual pay 2021-22 £6.5m (2020: £5.4m)
Pay ratio 105 times more than the average worker

Dominic Blakemore, the Compass catering giant chief’s pay tripled, bouncing back after taking a salary cut for the first six months of the pandemic. His firm’s subsidiary Chartwells was rebuked by Manchester United footballer and campaigner Marcus Rashford after providing “unacceptable” school meals.

Total annual pay 2020-21 £3.2m (2019-20: £1.2m)
Pay ratio 138 times more than the average worker

Simon Roberts of Sainsbury’s raked in millions but has rejected calls to pay all workers in its store the “real living wage”.

Total annual pay 2021-22 £3.8m (2020-21: £1.3m)
Pay ratio 183 times more than the average worker

Steve Rowe at Marks & Spencer stepped down last month. But he will continue to be employed as a consultant, collecting up to £843,000 in pay for up to a year.

Total annual pay 2021-22 £2.63m (2020-21: £1.1m)
Pay ratio 117 times more than the average worker.

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