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From The Socialist newspaper, 9 August 2003

End Fat Cat Rule

FORMER ICI boss and management guru John Harvey-Jones calls huge fat-cat executive pay "obscene and unnecessary." But the fat cats ignore this rebuke from a fellow boss - they're sneering all the way to the bank.

Senior directors of Britain's top companies got an average 23% rise last year, making them 84% better-paid over the last three years, despite a slump on the stock markets.

The average pay of a chief executive - including bonuses, share options and incentives, is now well over 1.6 million a year.

A Guardian survey shows a record 190 directors of companies in the FTSE-100 were paid over 1 million last year. One director, BHP mining boss Brian Gilbertson, got a gold mine of his own with a total pay deal worth 9.1 million, then had a row with the board and left with a 16 million departure gift.

New City of London guidelines say directors should "take account of shop-floor pay" when giving themselves huge increases. But many ordinary employees are being made redundant through the failings of their system, while average earnings are up just 3% and take home pay is in reality declining (see article below).

Pampered fat cats get huge signing-on fees - James Nicol of Tomkins received nearly 2 million. They then get golden goodbyes like Gilbertson's when they go.

They get huge pension pots - Sir Richard Sykes of GKN has built up 15 million to help him survive when he retires.

They get share options which could make them rich if their company does well - Matt Barrett of Barclays got well over 11 million worth of Barclays' shares - he's not likely to get a stroppy letter from his bank manager.

Fat-cat pay at a time when workers are facing the dole and/or reduced wages is just the clearest sign of an unequal capitalist system which creates terrible poverty in the midst of wealth worldwide.

Join our battle for a socialist alternative to remove society from the rule of fat-cat capitalists and their political defenders and run it to meet people's needs.

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Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • Our 'fighting coronavirus workers' charter', outlines a programme to combat the virus and protect workers' living conditions.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our special coronavirus appeal.

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In The Socialist 9 August 2003:

Blair: Not Wanted

Workers Win Against BA Bullies

End Fat Cat Rule

Postal Workers Fight Back

Stop The Card Sharks In Sheffield!

Rich Pay Less, We Pay More

Stagecoach Devon bus workers: Fighting To Win

Labour party officer quits and joins Socialist Party

Blair's Web Of Deceit Continues To Unravel

Towards A New Left Party In Wales?

Bosses' Attacks Meet Shopfloor Anger

Socialist Party National trade Union meeting

Israeli/Palestinian conflict: Coming Unstuck - George Bush's Peace Plan


 

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Related links:

Fat cats:

trianglePrivatisers sue NHS - kick out the fat cats and fully nationalise our health service!

triangle'Fat Cat Friday' shows where all the money's gone

triangleCare crisis cashing in

triangleTories ensured Carillion meltdown went unchecked

triangleBosses' pay up a fifth while workers' pay falls ...

Pay:

triangleNHS workers: "We deserve a fair wage" - 15% now!

triangleAngry health workers demand 15% now!

triangleNational Shop Stewards Network lobbying for a lead from the TUC

triangleOur lives and livelihoods at stake

Britain:

triangleBritain's fragile Covid equilibrium is coming to an end

triangle100 years since the foundation of the Communist Party of Great Britain

triangleThem & Us

Bonuses:

triangleArgos Christmas bonus cut

triangle10 years since the financial crash - the socialist answer to capitalist crisis

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