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08/10/2004
Pay gap between boardroom and shopflor widens: study
The pay gap between the boardroom and shopfloor has widened again, after a new study found that the average pay for executives rose by 16% compared just 4.3% for ordinary workers.
The study of total cash rewards received by directors of FTSE 350 companies found that UK managers and professionals on average now receive £127 for every £100 of salary they earned in 1998.
Directors in 2004 have a salary of £213 on average for every £100 of salary paid to them in 1998.
The figures form part of the Directors' Pay Report 2004, published by Incomes Data Services.
The surge in boardroom pay over the past year has come about in spite of, or possibly because of, the greater involvement of institutional investors in shaping remuneration policies, IDS said.
Steve Tatton of IDS said: "If the government hoped that more involvement by investors would dampen down boardroom excess then the expectation has turned out to be misplaced.
"This is partly because the intent behind the drive for greater corporate governance has always been ambiguous. It is not clear whether the aim is simply to prevent corporate abuse or to curb top pay levels."
The report analysed the salaries, annual bonus payments, long-term incentive plans and benefits of some 1,360 executive directors in Britain's top 350 listed companies, based on financial years ending in the 12 months to 30 June 2004.
(gmcg)
The study of total cash rewards received by directors of FTSE 350 companies found that UK managers and professionals on average now receive £127 for every £100 of salary they earned in 1998.
Directors in 2004 have a salary of £213 on average for every £100 of salary paid to them in 1998.
The figures form part of the Directors' Pay Report 2004, published by Incomes Data Services.
The surge in boardroom pay over the past year has come about in spite of, or possibly because of, the greater involvement of institutional investors in shaping remuneration policies, IDS said.
Steve Tatton of IDS said: "If the government hoped that more involvement by investors would dampen down boardroom excess then the expectation has turned out to be misplaced.
"This is partly because the intent behind the drive for greater corporate governance has always been ambiguous. It is not clear whether the aim is simply to prevent corporate abuse or to curb top pay levels."
The report analysed the salaries, annual bonus payments, long-term incentive plans and benefits of some 1,360 executive directors in Britain's top 350 listed companies, based on financial years ending in the 12 months to 30 June 2004.
(gmcg)
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Parliament cleaners receive pay rise
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Cleaners at the Houses of Parliament are to receive a pay rise, after settling their long-running pay dispute. The workers' rate of pay will increase in stages from £5.20 to £6.70 per hour by next January, under the terms of a deal agreed with the Transport and General Workers Union.
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