The UK High Pay Commission published its final report, Cheques with Balances: Why tackling high pay is in the national interest, shows stratospheric pay increases which have seen wealth flow upwards to the top 0.1% away from average workers.
It sets out a 12-point plan based on transparency, accountability and fairness.
With the ouster of Home Depot‘s Bob Nardelli and his resultant compensation package that was valued at about $210 million and Pfizer‘s Henry A. McKinnell’s which came to almost $200 million, it has brought the spotlight on excessive compensation packages for CEO’s.
So far this year it looks like it may become the biggest issue at the annual meetings of public companies. According to Donald Delves, a Chicago-based compensation consultant one positive outcome of all of this is that “There’s a sort of silver lining to the whole Nardelli, Home Depot thing. At least the shareholders finally spoke up.” (managersrealm.com)
1. It’s about time!
2. And what of the Directors who represent the interests of shareholders?