75 lines
4.1 KiB
HTML
75 lines
4.1 KiB
HTML
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<title>Title</title>
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<p>The year has barely started but the UK's top executives have already made more money than the typical British worker will earn in
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the next twelve months, <a
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href="http://highpaycentre.org/blog/its-fatcat-friday-ceo-pay-for-2019-surpasses-the-amount-the-average-uk-work">figures
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released on Friday</a> have revealed.</p>
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<p>According to the High Pay Centre and the Chartered Institute of Personnel and Development (CIPD), the CEOs of Britain's leading 100
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companies make an average of £1,020 per hour (€1,133). Their mean yearly pay package hovers just around £3.9 million (€4.3
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million).</p>
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<p>By their calculations, the average FTSE 100 CEO will have matched the typical worker's annual salary of just over £29,500 (€32,770)
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by early afternoon on January 4. The two bodies have dubbed the date "Fat Cat" Friday.</p>
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<div class="clear"></div>
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<h2>'Corporate governance failure'</h2>
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<p>The report highlights that pay levels have skyrocketed from around 60 times the average UK full-time salary at the turn of the millennium
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to about 133 times today.</p>
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<p>It also argues that companies' performances do not justify the pay rise.</p>
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<p>"Excessive executive pay represents a massive corporate governance failure and is a barrier to a fairer economy," Luke
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Hildyard, director of the High Pay Centre, said.</p>
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<p>"Corporate boards are too willing to spend millions on top executives without any real justification, while the wider workforce is
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treated as a cost to be minimised," he added.</p>
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<p>Charles Cotton, Senior Advisor at the CIPD, said the disparity can hurt companies' reputations.</p>
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<p>"Overly generous executive pay awards are one of the major factors responsible for low levels of trust in business —
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particularly when pay has been stagnating across the wider workforce — and therefore represent a grave threat to businesses'
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ability to thrive in the long term," he explained.</p>
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<h2>'Cod statistics'?</h2>
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<p>The Trade Union Congress, a federation of British trade unions, expressed outrage at the findings and called for "radical change."</p>
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<amp-twitter width="390"
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height="330"
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layout="responsive"
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data-tweetid="855178606556856320">
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<blockquote placeholder>
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<p>What are 5 common misconceptions people often have about AMP? Find out on today's installment of Amplify:
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<a href="https://t.co/kaSvV8SQtI">https://t.co/kaSvV8SQtI</a>
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<a href="https://t.co/Cu9VYOmiKV">pic.twitter.com/Cu9VYOmiKV</a>
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</p>— AMP Project (@AMPhtml)
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<a href="https://twitter.com/AMPhtml/status/855178606556856320">April 20, 2017</a>
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</blockquote>
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<p>But Matthew Lesh, Head of Research at the Adam Smith Institute, a free-market think tank, described the figures as "cod statistics."</p>
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<p>"In a global market for CEOs, British firms must be able to compete for top CEOs who provide immense value to companies.</p>
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<p>"Limits on executive pay would drive top British talent and companies offshore, ultimately leading to fewer jobs and lower pay for
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workers," he added.</p>
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