DIRECTOR SALARY INCREASES

Early day motion 1179, tabled 23 April 2002 by Martyn Jones (Labour). Signed by 43 members.

That this House expresses its disgust at the level of salary rises recently awarded to fat cat executives at some United Kingdom companies, such as Sir Brian Moffat of Corus, Mr Jonathan Bloomer of Prudential, Mr Matt Barratt of Barclays Bank, Mr Bob Davies of Arriva and Mr Phil White of National Express; notes that in some instances such salary rises are awarded to directors of failing companies; congratulates the TUC on their recently published study 'Executive excess - time to act' which revealed that average salaries and bonuses of the highest paid directors in 456 companies increased by 107 per cent. between the years 1994 and 2001 whilst over the corresponding period average employee pay in the same companies rose by just 31 per cent.; welcomes the Government's proposal for shareholders to vote on determining director salary increases; and calls on the Government to take immediate action to ensure that directors and other staff receive similar percentage increases, thus removing the grotesque imbalance that currently exists.

Signatures by party: Labour 37, Liberal Democrat 3, Plaid Cymru 2, Labour/Co-operative 1.