Are the press stories never ending about capitalists feather-bedding themselves ?
Yet again , The Herald reports and further to our earlier post , the Stagecoach owners , Brian Souter and Ann Gloag are preparing for a £104m pay day after the company disclosed plans to hand at least £400m of surplus cash back to investors. Souter, the chief executive who owns 15% of the company, will get £60m and Gloag, who has 11%, £44m. The windfall is their second in two years. In 2004 they divided £65m through the issue of a special class of shares which saw £250m returned to investors.
And for Stagecoach workers ??
Stagecoach shut its final salary pension scheme to all new staff members because of a funding shortfall in the scheme that stood at £103m at October 31 . Existing staff remaining in the scheme will be paying higher company pension contributions out of their wages .
And while we are talking about pension funds .
The Herald , also carries the story that by cutting staff pension benefits enabled Clydesdale Bank to boost profits by £145m this year . On April 1 the group moved staff from final salary pensions to inferior "career average" terms.
Chief executive Lynne Peacock, meanwhile, took home nearly £500,000 more in pay , picking up £1.1m in 2006 . This compares with her £600,000 in 2005 . This year's accounts disclose that "key management personnel" at Clydesdale group received £11m in pay and share-based benefits in 2006 compared with £8m last time .
No doubt their reward for restucturing the business at a cost of 1,700 jobs and the closure of a hundred branches .
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