Fatcat bosses and the Daily Mirror’s shareholder problem
Who is the “Fattest of Fat Cats”. The Mirror leads with news that he’s banker Horta Osario. He earns £8.7m a year. But he’s just one of the “fatcat FTSE bosses”[who] will have raked in £28,200 each in 2017 – the same as the average worker will earn on the whole year.” The Mirror lists the fatsos raking in the dough. We see again Osorio (Lloyds Bank), Tony Pidgley (he founded “house building giant” Berkeley and is paid £23.3 million a year) and Jeremy Darroch (the £16.9m-a-year chief executive of Sky plc) and more.
The Mirror does not show that chief executive Simon Fox “saw total pay and benefits for the year  rise to £2,349,000, compared with £1,678,000 in 2014″.
In 2012, the Guardian reported:
Trinity Mirror boss Simon Fox awarded £1.2m in less than four months – Newspaper publisher chief executive’s salary, benefits and shares were awarded between 10 September and end of 2012
His wage is above average.
On page 2, TUC General Secretary Frances O’Grady (the Mail says her deputy gets “£88,000 a year, 47 days holiday and a gold-plated pension”) says “even when they [fatcats] perform badly top bosses get huge rises and bonuses.”
Back to the Press Gazette’s report on Trinity Mirror and Simon Fox’s massive pay packet:
Regional and national newspaper publisher Trinity Mirror has announced operating profit down £16.4m to £82.2m for 2015 on turnover down £44.6m to £592.7m.
“Are bosses really worth 172 times a nurse or 145 times a teacher,” asks Dr Wands Wyporska of the Equality Trust.
Maybe the Mirror’s board can help provide an answer.
Of course, what the CEO of a big company gets paid might be none of our business. Their pay is down to the shareholders.