Board members of UK’s biggest finance firms have had nearly 80% pay rise since 2009

Nice work if you can get it!

And, indeed, if you think it actually qualifies as work.

Board members on the UK’s largest financial companies have enjoyed an average pay rise of 79 per cent since 2009.

This means that during the decade of austerity, while you were probably facing a pay freeze – meaning a real-terms drop in income, median pay for the three highest earning non-executive directors (NEDs) in each of the FTSE 100’s 17 financial firms surged from £90,700 in 2009 to £162,000 in 2019.

They received this for attending – just attending, not necessarily contributing to – an average of 26 meetings a year.

The largest increases have been at Lloyds Banking Group, where top NEDs are earning 257% more than in 2009; the London Stock Exchange Group, where there has been a 219% rise; and investment platform Hargreaves Lansdown, where fees have jumped 170%.

Remember, these firms don’t actually contribute anything to our lives – they don’t make anything, and such services as they do supply are highly exclusive.

They make money by betting on whether other businesses will do well or badly. That’s what investment is, after all – a wager that providing money to those firms now will bring a profitable return later.

It’s a game for the very rich.

And it depends on keeping the people who do the actual work very poor.

Payroll is always the largest cost to any firm so, if they are to provide an expected return to investors from firms like Lloyds Banking Group, the London Stock Exchange Group, Hargreaves Lansdown, Phoenix, Barclays, Prudential, Aviva, Admira, RSA, NatWest and so on, businesses have to keep pay low.

So these 79 per cent pay increases for finance firms arise from their board members attaching themselves to you like leeches and sucking out all the benefits that you should be enjoying.

Remember that as you endure the hardships you’ll be asked to face in 2021.

Source: UK’s biggest financial firms have given boards near-80% pay rise since 2009 | Business | The Guardian

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