IMPACT OF PAY RISES FOR COMPANY DIRECTORS

Early day motion 1798, tabled 22 October 2002 by Harry Cohen (Labour). Signed by 40 members.

That this House notes with dismay that, according to the August edition of Labour Research, the average pay rise for Stock Exchange company directors earning over ú500,000 a year is this year 16.1 per cent., and that for the seven preceding years it was 18.8 per cent., 21.2 per cent., 10.7 per cent., 15.7 per cent., 16 per cent. and 10 per cent; considers this widening of the gap between boardroom pay and that of the rest of the workforce as socially undesirable and an inevitable cause of high pay claims elsewhere in the economy; and calls upon the Government to act to limit these fat cat pay rises.

Signatures by party: Labour 31, Labour/Co-operative 4, Liberal Democrat 4, Plaid Cymru 1.