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Investigation launched into soaring executive pay

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cory777 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-09-10 03:21 AM
Original message
Investigation launched into soaring executive pay
Source: Guardian

An investigation into the escalating pay of boardroom bosses will be launched today as Barclays prepares to reveal that its investment banking arm has amassed a pay and bonus pot of at least 4bn this year.

As the high pay commission, set up by the thinktank Compass and backed by the Joseph Rowntree charitable trust, begins its year-long analysis into the widening gap between the lowest and highest paid, a Compass poll shows that 99% of people believe that top executives are overpaid.

The poll, intended to coincide with the launch of the commission, shows that only 1% of people think that top executives should be paid as much as they are, while 64% believe that a chief executive should take home less than 500,000 a year.



Read more: http://www.guardian.co.uk/business/2010/nov/09/executiv...



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Lasher Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-09-10 03:49 AM
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1. The compelling question is, why are they being overpaid?
I would love to see something like this undertaken in the US.
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indimuse Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-09-10 04:05 AM
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2. KNR! n/t
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dmosh42 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-09-10 04:56 AM
Response to Original message
3. The Board which voted his pay, usually gets into the action, also! n/t
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Selatius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-09-10 05:01 AM
Response to Original message
4. The problem is a conflict of interest inside the corporate structure.
Typically speaking, the board of directors appoints people to the compensation committee, but in many countries, including the US, there is no firewall against the chief executive submitting suggestions to the board about who sits on the committee.

Worse yet, if you are both chairman of the board and CEO of the company, you can directly appoint all your friends to the compensation committee.
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Billy Burnett Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-09-10 08:15 AM
Response to Reply #4
5. Many members of Boards of Directors sit on each other's boards.
Edited on Tue Nov-09-10 08:16 AM by Billy Burnett
Peruse this site and see for yourself ...

http://www.theyrule.net /


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