GAP BETWEEN HIGH AND LOW EARNERS

Early day motion 3, tabled 17 May 2005 by Bob Russell (Liberal Democrat). Signed by 43 members.

That this House congratulates the National Association of Pension Funds for its campaign to require leading companies to disclose in their annual reports the growing pay gap between executives and their employees; notes the impotence of remuneration committees, which set boardroom pay, in tackling the deteriorating situation; agrees with the National Association of Pension Funds that the widening pay gap between boardroom and shopfloor is divisive and demoralising, which in turn can damage corporate performance; is appalled that the chief executives of blue chip companies receive an average salary of £579,000, which is 28 times more than the average UK worker; is even more appalled by the greed of the chief executives of FTSE 100 companies whose salary packages, including bonuses and incentives, average £2.6 million; and urges the Government to introduce regulations in accordance with proposals from the National Association of Pension Funds so that salaries of executives and how they compare with the rest of the workforce are revealed in full.

Signatures by party: Liberal Democrat 21, Labour 13, Plaid Cymru 3, Scottish National Party 3, Conservative 1, Social Democratic and Labour Party 1, UUP 1.