Link to this page: http://www.socialistparty.org.uk/issue/491/2518
TELECOMS GIANT Cable and Wireless (C&W) top bosses want to scrap a cap on executive bonuses imposed last year that 'limited' executive extras to £20 million! Last year's four-year bonus scheme shared £216 million among 60 fat cats but imposed a £20 million maximum on individual payments. The bosses now find this irksome and want it changed.
The chairman Richard Lapthorne also wants an extra bonus scheme to stop him transferring his 'loyalties' to a private equity firm. His contract is being changed to give him shares that could be worth over £10 million in three years time.
Share prices have almost doubled so shareholders will not complain at these huge bonuses. C&W workers will be expected to pay for these bonuses, that will become more and more common while capitalist governments encourage private equity firms. Job losses are already threatened.
Cable & Wireless practically monopolised the telegraphic, cable and wireless systems within the decaying British Empire when the post-war Labour government nationalised it. C&W was privatised under Thatcher.
Renationalising C&W and the rest of the telecoms industry under the democratic control of the working class, would stop this insulting nonsense of multi-million bonuses amongst the carnage of lost jobs.
In The Socialist 14 June 2007:
Unison national conference
What we think
Socialist Party NHS campaign
War and terrorism
G8 Summit protests
International socialist news and analysis
Socialist Party news and analysis