Author Topic: Fat Cat Friday, BBC takes the moral high ground.  (Read 83 times)

Offline Lord Hall-Hall

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Fat Cat Friday, BBC takes the moral high ground.
« on: January 05, 2019, 12:03:06 AM »
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In the first three days of 2019 top bosses will have earned more than the typical worker will earn all year, according to a report.

The average pay of a FTSE 100 chief executive is £1,020 an hour, research from the High Pay Centre and HR industry body the CIPD has found.

By "Fat Cat Friday" "Graham Norton Day" bosses will have earned more than the typical annual UK salary of £29,574, the report said.

However critics have questioned their calculations.

According to the report, the median pay including bonuses for a FTSE 100 chief executive was £3.926m in 2017, the most recent year for which data is available.

Of in dumbed down BBC speak (swimming pools, double decker buses etc.) One Graham Norton.

It assumed that bosses work 12 hours a day for 320 days a year, making their hourly pay rate £1,020.

I doubt Norton works hours like that, their hourly rate is probably closer to a Claudia Winkleman or a Nick Robinson.

"Excessive executive pay represents a massive corporate governance failure and is a barrier to a fairer economy," said Luke Hildyard, Director of the High Pay Centre.

"Corporate boards are too willing to spend millions on top executives without any real justification, while the wider workforce is treated as a cost to be minimised," he said.

That should be very familiar to the BBC.

The £29,574 figure for median pay of full-time UK workers was taken from Office for National Statistics data.

For a five day week, take home pay would be about £90 a day, so they have to work 1.7 days to pay for the BBC TV licence. For them TV licence day is a day before Graham Norton day.
For those on national minimum wage, they have to work till nearly the end of Graham Norton Day, way past Graham Norton Hour, to pay the BBC tax.

'Cod statistics'
To match that salary, FTSE 100 bosses would have to work for 31 hours, or until 13:00 on Friday 4 January.

However, free-market think tank the Adam Smith Institute described the research as "cod statistics".

"If these activist organisations actually cared about workers, and not just the politics of envy against our best and brightest, they would talk about ways to actually increase worker pay," said Matthew Lesh, head of research at the Institute.

"Limits on executive pay would drive top British talent and companies offshore, ultimately leading to fewer jobs and lower pay for workers," he said.

The CIPD report said typical pay for a FTSE 100 chief executive had risen 11% from last year. That means bosses had to work two hours less this year to match the average worker's annual salary, compared with 2018.

"Executive pay committees have to change. They should be required to include workforce representatives who can speak up for a fair balance of pay with ordinary workers. Too much wealth is being hoarded at the top," said TUC General Secretary Frances O'Grady.

Shareholders rebel
Last year, the chief executive of Persimmon, Jeff Fairburn, was forced out after a row over his £75m pay award.

The bonus was based on awards of shares, the value of which rose sharply when low interest rates and a government house-buying scheme helped raise Persimmon's performance.

In October he walked away from a BBC interview when asked about his pay.
Man walks out of BBC interview about his pay, when the BBC do their best to stop publishing the details of their own pay.
e.g. the BBC claim Graham Norton is only paid one sixth of a Graham Norton, not the full Graham Norton he is paid.

In July, Royal Mail shareholders rebelled against the company's pay plans for top executives following a row over a salary rise for its new boss.

The directors' remuneration report was rejected by about 70% of shareholders in a vote, which is non-binding.

New chief executive Rico Back is set to be paid £640,000 - £100,000 more than his predecessor Moya Greene.

The share holders rebelled because they thought that a one sixth Graham Norton was too much for a full time CEO employing 161,000 people, or eight times what the BBC employs.             

At least in both cases, the share holders get a say, and can complain about these obscene salaries. This cannot happen with the BBC.

The CIPD and High Pay Centre want long-term incentive plans, which reward top executives with shares, replaced with a less complicated system based on their basic salary.

They also want executives to be given incentives to improve the training and well-being of their workforce.
"This is what you do all the time.  What you do is you threaten people.
 You always threaten people." - John Sweeney, senior BBC journalist.

"To learn who rules over you, simply find out who you are not allowed to criticise." -Voltaire

Offline Andyjd1986

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Re: Fat Cat Friday, BBC takes the moral high ground.
« Reply #1 on: January 05, 2019, 01:46:28 AM »
How much did a goon get today ?

Offline Saesmon

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Re: Fat Cat Friday, BBC takes the moral high ground.
« Reply #2 on: January 05, 2019, 01:07:42 PM »
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How much did a goon get today ?
Zero plus VAT from me  :biggrin: