The problem in a nutshell - and this cartoon was drawn in 1972! [Image: Alan Hardman]

The problem in a nutshell – and this cartoon was drawn in 1972! [Image: Alan Hardman]

Research on top executive pay over the last decade has found that it had little or no correlation with key performance indicators that companies highlighted to shareholders, according to Mr Meacher.

The research … undertaken … over the 10 years from 2003 to 2013 at 30 of the FTSE-100 companies… found that executive managers’ pay is still determined by simplistic measures that bore little relation to long-term drivers of companies’ value.

As a result, over a period when average incomes across the nation have now fallen in real terms close to 2003 levels, total chief executive remuneration has increased by two-thirds from £2.4 million in 2003 (£46,150 per week) to £4 million in 2013 (£76,900 a week).

Even that was only the average at the top. Heads of healthcare groups were paid £7.3 millions a year in 2013 (£140,385 a week), and oil and gas chiefs – predators on rising energy bills for ordinary households – managed to scrape a living on just £5.7 millions a year (£109,615 a week)!

And the Tories bitch when Labour says the income of these parasites must be capped! Read the rest on Mr Meacher’s blog if you’ve got the stomach for it.

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