THE COVID GRAVY TRAIN
We’re all in it together, has been the refrain in the pandemic. All, that is, except fat-cat bosses – whose greed in the Covid-19 crisis has disgusted shareholders. Among those to feel the wrath of investors are outsourcer Mitie, supermarket group Morrisons, Premier Inn-owner Whitbread and estate agent Foxtons.
The revolts show the strength of feeling against increasingly stratospheric payouts being handed to executives at a time when many companies and their employees have had to tighten their belts.
Some shameless individuals have been showered with huge bonuses despite making losses, freezing dividends and taking multi-million-pound sums in taxpayer support.
That was after grandees on their pay committees – who decide on executive rewards – moved the goal posts in a bare-faced fashion so as to hand out bonuses, even when bosses failed to hit performance targets due to the virus.
All business leaders concerned are already millionaires several times over. They could easily have afforded to forgo a bonus for a year in which most of the country has suffered so much, out of solidarity with their workforce and out of sensitivity towards customers and taxpayers.
But no fewer than 65 companies so far this year have been placed on the official fat cats’ ‘list of shame’ run by the Investment Association. That is a big increase on last year when 46 revolts had been registered by mid-summer.
The roll-call names and shames firms where 20pc or more of shareholders have voted against the pay report. That is a significant revolt, because large investors are reluctant to declare public opposition to top pay, and therefore often abstain. Investor votes on pay reports are not binding, however, so regardless of the level of protest, companies do not have to take notice.
Meet the bosses whose pandemic pay packets will make you see red.