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From The Socialist newspaper, 9 August 2003

End Fat Cat Rule

FORMER ICI boss and management guru John Harvey-Jones calls huge fat-cat executive pay "obscene and unnecessary." But the fat cats ignore this rebuke from a fellow boss - they're sneering all the way to the bank.

Senior directors of Britain's top companies got an average 23% rise last year, making them 84% better-paid over the last three years, despite a slump on the stock markets.

The average pay of a chief executive - including bonuses, share options and incentives, is now well over 1.6 million a year.

A Guardian survey shows a record 190 directors of companies in the FTSE-100 were paid over 1 million last year. One director, BHP mining boss Brian Gilbertson, got a gold mine of his own with a total pay deal worth 9.1 million, then had a row with the board and left with a 16 million departure gift.

New City of London guidelines say directors should "take account of shop-floor pay" when giving themselves huge increases. But many ordinary employees are being made redundant through the failings of their system, while average earnings are up just 3% and take home pay is in reality declining (see article below).

Pampered fat cats get huge signing-on fees - James Nicol of Tomkins received nearly 2 million. They then get golden goodbyes like Gilbertson's when they go.

They get huge pension pots - Sir Richard Sykes of GKN has built up 15 million to help him survive when he retires.

They get share options which could make them rich if their company does well - Matt Barrett of Barclays got well over 11 million worth of Barclays' shares - he's not likely to get a stroppy letter from his bank manager.

Fat-cat pay at a time when workers are facing the dole and/or reduced wages is just the clearest sign of an unequal capitalist system which creates terrible poverty in the midst of wealth worldwide.

Join our battle for a socialist alternative to remove society from the rule of fat-cat capitalists and their political defenders and run it to meet people's needs.

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In The Socialist 9 August 2003:

Blair: Not Wanted

Workers Win Against BA Bullies

End Fat Cat Rule

Postal Workers Fight Back

Stop The Card Sharks In Sheffield!

Rich Pay Less, We Pay More

Stagecoach Devon bus workers: Fighting To Win

Labour party officer quits and joins Socialist Party

Blair's Web Of Deceit Continues To Unravel

Towards A New Left Party In Wales?

Bosses' Attacks Meet Shopfloor Anger

Socialist Party National trade Union meeting

Israeli/Palestinian conflict: Coming Unstuck - George Bush's Peace Plan


 

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