FTSE companies still getting away with outrageous pay awards
The pay of FTSE 100 chief executives has soared by 11% in the past year, according to analysis by CIPD/High Pay Centre.
This is partly inflated by a £47.1m payout for Jeff Fairburn, the chief executive at Persimmon. The housebuilding group has benefited greatly from the Government’s Help to Buy scheme, which helped trigger the enormous payout.
Responding, Liberal Democrat leader Vince Cable said:
“Despite so many efforts, including my own legislation, to ensure there is moderation in executive pay, some companies are still getting away with unjustifiable awards. What is particularly galling and outrageous is the Persimmon payout, because the firm is profiting as a result of a government subsidy, not the performance of the company.”