Consultants have leading part in great pay rip-off|Nils Pratley | Business | guardian.co.uk .
[Pay c]onsultants have designed increasingly complex schemes and encouraged the notion that their creations will improve executive performance. All that ha happened is that boardroom pay has exploded and corporate performance, as measured by share prices, has gone nowhere in a decade.
It's not an accident: this is design. The plan is simple: to extract a top slice of reward today from the benefit due to investors tomorrow.
Except it's not reard. It's theft because that pay is not due.
But directors are doing it, all the same.
Bankers are doing it.
Investment fund managers are doing it.
And we don't know because so few of us have any idea what is happening to our investemnt funds, endowment policies, pensions and more besides.
But some signs of this cannot be hidden forever, and the pension crisis is the surest sign of what is happening. We cannot apparently provide pensions out of stock market pensions but we can spend a fortune today remunerating the financial services community from out of the same funds.
Open your eyes - these events are directly related.
Bankers, directors and fund managers are stealing your future.
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It’s an atrocious situation isn’t it! We need that High Pay Commission that Compass is arguing for, for sure.
Actually one 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”.
[…] 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 […]
[…] 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 […]