Regular readers of Socialist Courier will be aware that we have been high-lighting the generous incomes paid to those in the commanding heights of industry and commerce , now we read that the chairman of Sainsburys , Philip Hampton , yesterday brushed aside concern over soaring directors' pay, declaring that annual rises in excess of inflation are now "simply a fact of corporate life".
Last month, it emerged that chief executive , Justin King , is to reap the rewards of the failed private equity approach to the supermarket group by receiving a hefty pay rise and other adjustments to a pay packet that topped £2m last year. King will receive a 17% rise in his basic salary of £725,000 - taking it to £850,000 - plus an award of shares
It was also revealed that the Qatari royal family own a quarter of Sainsburys .
Meanwhile at Boots The Chemist , Richard Baker , the chief executive of Alliance Boots , and Scott Wheway, managing director of Boots the Chemists step down . Baker made £6.5m when he exercised his share options as the company was taken private. Wheway cashed in £1.19m.
Thursday, July 12, 2007
Tuesday, June 12, 2007
It is indeed the never -ending story . While you struggle to make ends meet and pay those bills and perhaps , just perhaps , indulge in a small luxury or two , the capitalist class goes on awarding themselves inflation breaking pay rises and shameless special share-issue perks .
Justin King, chief executive of J Sainsbury, is in line to earn up to £13.6 million in cash and shares in the year ahead after a pay rise and bonus increase . The supermarket’s annual report, published yesterday, revealed that Mr King was paid £1.92 million in the year to March . He has received a 17.2 per cent rise in basic salary to £850,000 and a 41 per cent increase in pension payments to £255,000.
In the year to March 2007, Sainsbury’s set aside shares equivalent to 180 per cent of his salary for Mr King under a long-term incentive plan. In the year to March 2008, the company intends to set aside shares equivalent to 250 per cent of Mr King’s salary. Mr King is already on course for a payout of 1.66 million shares, worth £9.1 million at yesterday’s share price, in May next year.
Darren Shapland, the finance director, is receiving a rise in his basic salary to £500,000 from £450,000 and a share award worth 50% of his salary, up from 35% the year before.
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