Showing posts with label Sir Terry Leahy. Show all posts
Showing posts with label Sir Terry Leahy. Show all posts

Friday, June 29, 2007

Tesco - greedy , miserly and indifferent

Tesco at its AGM today had Ben Birnberg, company secretary for the anti-poverty charity War on Want, put forward a resolution calling for Tesco's supplier factories to undergo independent auditing to ensure decent pay and conditions for developing world workers.

Birnberg, however, said Tesco's opposition to the resolution reflected badly on the top retailer.'There's nothing that lowers a company in the estimation of right thinking people than a public display of executive greed in the affluent world going hand-in-hand with a public display of corporate miserliness and indifference to those at the bottom in an impoverished world, who contribute so magnificently to corporate wealth,'

Garment workers in Bangladesh, the majority of them women, were being paid just 5 pence an hour and regularly worked 80 hours a week to make cheap clothes for Britain's largest retailer, Birnberg said. His resolution called on Tesco to take appropriate measures, independently audited, to ensure workers in the developing world are guaranteed decent working conditions, a living wage, job security, freedom of association and collective bargaining including the right to join a trade union.

'The irony of the board recommending shareholders vote against our resolution to increase the meagre pay of its outsourced workers while recommending they vote for an incentive plans which will augment the already absurdly generous re-numeration packages of its top executives -- boosting the chief executive's take-home pay by up to £11.5 million on top of last year's £4.62 million-- may be lost on the board..." said Susan Seymour of the Joseph Rowntree Charitable Trust

Thursday, June 07, 2007

Rich Pickings


Socialist Courier once more exposes the exhorbitant awards that members of the capitalist class award themselves .


Cable and Wireless announced a bonus scheme for its part-time chairman Richard Lapthorne that it is worth nearly £11 million . The telecoms company plans to offer Mr Lapthorne a three-year, performance-related incentive scheme that could result in him receiving 5.5 million C and W shares in 2010. At today's market price, the shares would be worth about £10.9 million to Mr Lapthorne, who typically puts in two to three days work a week at the company.


It comes just 12 months after the company launched a long-term incentive plan worth up to £220 million to 60 senior managers.Last year's plan is potentially worth about £18 million each to John Pluthero and Harris Jones, the group managing directors who respectively control C and W's UK and international businesses.


The Communication Workers Union stated:- "Is there no limit to Mr Lapthorne's cheek and to shareholders' gullibility ? Last year, they agreed to a huge reward system for top executives to deliver a programme they had failed to deliver the previous year. Now they've got to pay Mr Lapthorne an additional £10m to do his job enthusiastically."


Last week , Tesco , the supermarket group , said it would award Sir Terry Leahy, its chief executive, shares worth more than £11 million if his plans for expansion in the US proved successful.

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