Thames Water boss Martin Baggs has been awarded a bonus of £418k on top of his salary of £425k despite an underlying fall in net profits of around 12% - and an increase in the company's debt of £1bn over the year. Ed Richards, CEO of Ofcom and would-be BBC DG, is a non-executive director - it's not clear whether or not he's on the remuneration committee.
Diane Coyle, deputy Chair of the BBC Trust, is on the preliminary interview panel. This is from her blog this morning...
Are FTSE executives 10% better than they were last year?
News this morning that executive pay in big UK companies rose by 10% in the past year, about five times the rate of increase in average earnings. My question is rhetorical. This latest manifestation of economic opportunism by the executive classes (that is, seeing what they can get away with) is of course unseemly as well as immoral.
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