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Democorruptcy

FTSE 100 firms using furlough pay CEOs average of £3.6m

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We are in it together.

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According to the High Pay Centre, the 18 companies who have so far publicly revealed that they will use the scheme have spent a combined £321m on pay for their chief executives over the last five years.

The thinktank’s analyst suggests that £42bn profits made in the last five years by the 18 companies could have covered the expected cost to the government of the scheme.

This Is Money says there are “mounting calls” for “super-rich fat cat executives” to “play a bigger part in shouldering the financial burden stemming from the crisis, which will end up hitting taxpayers hard in the pocket”.

The Guardian says that “blue-chip companies” that planned to use the scheme included Primark owner Associated British Foods, easyJet, and British Airways owner IAG, as well as retailers Next and JD Sports.

Luke Hildyard, the High Pay Centre’s director, said the coronavirus job retention scheme is a “vital progressive measure to protect people’s jobs and incomes at this critical time”, but added that “it’s important to understand that it is a subsidy for businesses, as well as for workers”

https://www.hl.co.uk/news/2020/4/27/ftse-100-firms-using-furlough-pay-ceos-average-of-3.6m?

 

 

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Damn I thought this was going to be about the NHS Charities Together CEO's new pay packet.

Advertising on TV now I noticed begging for cash, the speed at which they put that ad together is amazing. Sorry slightly off-topic..

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"Blue Chip" companies,  a large number retailers, buying mostly cheap shit from abroad, selling on a very high markups. If there is going to be increased tax then this is the place to put it, would encourage much better use of resources, prevent cheap crap from dominating the market and loosen the strangle hold of those companies working off the back of it - it is part of the reason why high streets have been stripped of any variety and populated by the same boring shite.

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42 minutes ago, Democorruptcy said:

We are in it together.

 

How can a CEO who has furloughed their workforce not himslef be furloughed, what's he managing?

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35 minutes ago, spunko said:

Damn I thought this was going to be about the NHS Charities Together CEO's new pay packet.

Advertising on TV now I noticed begging for cash, the speed at which they put that ad together is amazing. Sorry slightly off-topic..

I don't mind NHS and struggling charities (also receiving governbankment bailouts) being mentioned.

Article from 2015 with a 2019 update:

Quote

2015

  1. David Mobbs, Nuffield Health. Pay range: £780,000-£790,000
  2. Paul Holdom, London Clinic Trustees. Pay range: £390,000-£400,000
  3. Jeremy Farrar, Wellcome Trust. Pay: £394,000
  4. Simon Cooke, Marie Stopes. Pay range: £370,000-£380,000
  5. Michael Anderson, CIFF (UK). Pay range: £360,000-£370,000
  6. Gil Baldwin, St Andrew's Healthcare, Pay: £343,000
  7. Peter Vicary-Smith, Consumers' Association. Pay range: £330,000-£340,000
  8. Nigel Fine, Institution of Engineering. Pay range: £320,000-£330,000
  9. Alex Beard, Royal Opera House. Pay: £250,000
  10. Harpal Kumar, Cancer Research UK. Pay range: £230,000-£240,000

- See more at: https://www.civilsociety.co.uk/news/top-100-charity-chief-executives-earn-average-of--167-000.html

2019

Abortion charity is slammed by watchdog over its chief executive’s £434,500 pay packet

Simon Cooke’s pay packet increased from £300,000 to £434,500 in 2018 

Mr Cooke, joined Marie Stopes in 2013 having joined from a razor blade firm

His base pay was £217,000 but received a matching bonus, according to figures

The charity performs 70,000 terminations a year – most funded by the NHS 

https://newsaltcoins.com/world-news/abortion-charity-is-slammed-by-watchdog-over-its-ceos-pay/

 

 

 

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Posted (edited)
2 hours ago, GBDamo said:

How can a CEO who has furloughed their workforce not himslef be furloughed, what's he managing?

Well,

  1. They've not necessarily furloughed all the workforce
  2. They still have to make important decisions, eg, about furloughing the workforce.

But OP is right in that it is a nonsense -- I suggested earlier that any company receiving support should have no employee (inc. executives) paid more than 10x (or a similar multiple) the average salary for the duration of the support (or preferably for the entire financial year).  I stand by that suggestion.

Edited by dgul

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4 hours ago, GBDamo said:

How can a CEO who has furloughed their workforce not himslef be furloughed, what's he managing?

My brother is a finance director at a company with ~120 employees. (travel-related products so very badly hit).

100 of the employers have been furloughed.

~10 key employers are still working their normal hours for normal pay.

All the directors are still working full-time ..... at zero pay.

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