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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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Related links:

Fat cats:

triangleTurn Carillion crisis into movement against privatisation and capitalism

triangleRail: fares up, bosses' pay up - delays and cancellations up

triangleWidening wealth gap, increase in poverty...make the fat cats pay

triangleDefuse the consumer debt time bomb: nationalise the banks!

triangleThe Socialist inbox

Pay:

triangleAfter 80 strike days Mears workers achieve victory

triangleI'm now a 'manager' and I can barely manage!

triangleFighting sexism: Positive discrimination - yea or neigh?

triangleRoyal Mail forced back under threat of action

Britain:

triangleCaerphilly & RCT Socialist Party: 100 years of votes for women

triangleYork Socialist Party: Britain in 2018

triangleHackney Socialist Party: Britain today - How can austerity be defeated?

Bonuses:

triangleCity bosses' 40m bonuses as Number of food banks hits 2,000

Reports and campaigns

Reports and campaigns

20/2/18

Manchester

After 80 strike days Mears workers achieve victory

19/2/18

Walthamstow

Building the campaign against clearances of the working class

16/2/18

Haringey

No fudge with the right wing

15/2/18

TUSC

TUSC statement on sentencing of Derby TUSC agent

14/2/18

Haringey

Haringey protests HDV - but Labour fails to kill it off completely

14/2/18

UCU

Uni strike: coordinate public sector fightback

14/2/18

Cardiff

Enjoyable and successful Cardiff Refugee Rights gig

14/2/18

Carlisle

Carlisle debate - socialism or social democracy?

14/2/18

Firefighters

Staines fire services saved

14/2/18

Surrey

Threat of action defeats pay cut at Surrey council

14/2/18

Woolwich

Woolwich Crossrail walkouts to demand promised bonuses

14/2/18

London

Sadiq Khan's bus drivers' London licence doesn't go far enough

14/2/18

Mansfield

Stop press: victory - campaign saves NHS rehab ward

8/2/18

Newham

Teachers strike again as anti-academy pressure mounts

7/2/18

Unison

Unison national women's conference

triangleMore Reports and campaigns articles...


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