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

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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