My friend Howard Reed has posted a comment too good to be lost in the comments section. Talking about the boardroom pay rip off he says:
[O]ne solution to the pensions crisis would be to give all pensioners below a certain income level non-exec director posts in a selection of FTSE100 boardrooms and use the wildly exaggerated corporate remuneration to subsidise their meagre state pensions. That way, at least the remuneration from these schemes would go to some of the people who really needed it.
It’s the kind of policy that you would have probably found in a Monster Raving Loony Party manifesto in the old days - claims to be crazy but is actually a good deal more sensible than what the mainstream parties are offering.
Yep - it’s time for “pensioners on the board”.
Sounds good to me. Nice one, Howard.
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While we are at it, we could copy what a number of major continental firms do and appoint ordinary staff members to the board. I know of one European bank – it actually might be Europe’s biggest – that has 2 directors that are employees appointed by employees. Which also goes to show that banks can be at the forefront of best practice and corporate governance.