«Breaking News» The average FTSE 100 boss has already earned as much in 2019 as the average Briton would in a YEAR

Back in the office and feeling decidedly downcast after the Christmas festivities?

Then the following information is unlikely to lift your mood.

By lunchtime today, the bosses of Britain’s biggest companies will have banked what it takes ordinary workers all of 2019 to earn. So welcome to Fat Cat Friday.

The High Pay Centre and CIPD have urged companies to replace long-term pay plans, which are often linked to share prices and stock options, with a simpler system of a basic salary and a smaller share award [File photo]

Chief executives of FTSE 100 companies have average annual salaries of £3.9million – 133 times the typical worker’s £29,574.

It means these Footsie bosses take around two-and-a-half working days to earn as much as the average employee in a year.

If chief executives returned to their desks at 8am on January 2, they would hit that total at 1pm this afternoon. 

The highest paid British bosses would get there even sooner – with some taking little more than two hours to earn the national average.

The findings – in a report by the High Pay Centre and Chartered Institute of Personnel and Development – pile more pressure on Theresa May to tackle boardroom excess after she criticised the ‘irrational and unhealthy’ divide between bosses and workers.

Luke Hildyard, director of the High Pay Centre, said: ‘Excessive executive pay represents a massive corporate governance failure and is a barrier to a fairer economy. 

Corporate boards are too willing to spend millions on top executives without any real justification, while the wider workforce is treated as a cost to be minimised.’ 

The calculations in the report are based on chief executive pay in 2017 – the latest figures available.

The analysis found the average Footsie boss earns £1,020 an hour – up 11 per cent on the previous year. It assumes they work 12-hour days for 320 working days.

Jeff Fairburn, the former chief executive of housebuilder Persimmon, raked in more than £47million in 2017 and would have earned £29,574 by 10.24am on January 2 – just 2 hours and 24 minutes after returning to his desk [File photo]

The highest-paid British bosses would have earned the equivalent of a typical annual salary on their first day back at work.

Jeff Fairburn, the former chief executive of housebuilder Persimmon, raked in more than £47million in 2017 and would have earned £29,574 by 10.24am on January 2 – just 2 hours and 24 minutes after returning to his desk. He was asked to leave in November after a row over a £75million bonus.

The High Pay Centre and CIPD have urged companies to replace long-term pay plans, which are often linked to share prices and stock options, with a simpler system of a basic salary and a smaller share award.

But Mark Littlewood, director general of the Institute of Economic Affairs, said Fat Cat Friday was a gimmick. He claimed driving down chief executives’ wages would not help workers and would reduce tax revenue.

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Main photo article Back in the office and feeling decidedly downcast after the Christmas festivities?
Then the following information is unlikely to lift your mood.
By lunchtime today, the bosses of Britain’s biggest companies will have banked what it takes ordinary workers all of 2019 to earn. So welcome to Fat C...

It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.

Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.

Dianne Reeves Online news HienaLouca





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