Tuesday 21 November 2017

Jeremy Warner: The big bucks won’t stop here with chief executive departures

Andrew Moss: will be remembered more for his affair with the wife of Aviva's head of HR than his stewardship of the company
Andrew Moss: will be remembered more for his affair with the wife of Aviva's head of HR than his stewardship of the company

Jeremy Warner

THREE chief executives have resigned after falling out with institutional investors. But talk of a 'shareholder spring’ and an end to ever-rising fat cat pay is fanciful.

'In the last 20 years, the pay of American workers has gone nowhere, while CEOs have increased their own pay by 400 per cent; this is how they’ve done it,” explains Graef Crystal in the foreword to his seminal book, In Search of Excess: The Overcompensation of American Executives.



There follows a brilliantly revealing analysis of the way those at the top of major corporations and banks complicated, obfuscated and corrupted the system to ensure ever-rising and self-reinforcing levels of executive remuneration. But this book wasn’t penned in response to the latest outbreak of jackpot earnings for ruinous performance – it was written more than 20 years ago.

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