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.
Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.
Vox Political needs your help!
If you want to support this site
(but don’t want to give your money to advertisers)
you can make a one-off donation here:
Here are four ways to be sure you’re among the first to know what’s going on.
1) Register with us by clicking on ‘Subscribe’ (in the left margin). You can then receive notifications of every new article that is posted here.
2) Follow VP on Twitter @VoxPolitical
3) Like the Facebook page at https://www.facebook.com/VoxPolitical/
Join the Vox Political Facebook page.
4) You could even make Vox Political your homepage at http://voxpoliticalonline.com
And do share with your family and friends – so they don’t miss out!
If you have appreciated this article, don’t forget to share it using the buttons at the bottom of this page. Politics is about everybody – so let’s try to get everybody involved!
Buy Vox Political books so we can continue
fighting for the facts.
The Livingstone Presumption is now available
in either print or eBook format here:
Health Warning: Government! is now available
in either print or eBook format here:
The first collection, Strong Words and Hard Times,
is still available in either print or eBook format here:
