{"id":1572138,"date":"2024-03-25T10:02:08","date_gmt":"2024-03-25T10:02:08","guid":{"rendered":"https:\/\/www.thecanary.co\/?p=1676274"},"modified":"2024-03-25T10:02:08","modified_gmt":"2024-03-25T10:02:08","slug":"high-pay-centre-teams-up-with-professors-danny-dorling-and-prem-sikka-over-fat-cat-pay","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2024\/03\/25\/high-pay-centre-teams-up-with-professors-danny-dorling-and-prem-sikka-over-fat-cat-pay\/","title":{"rendered":"High Pay Centre teams up with professors Danny Dorling and Prem Sikka over fat cat pay"},"content":{"rendered":"
A group of over 20 leading academic social scientists, including professors Prem Sikka and Danny Dorling, have written to the UK\u2019s biggest investment firms and pension funds in a letter highlighting the risks associated with increased executive pay awards. It comes after think tank the High Pay Centre found that many bosses are still earning 75 times more than their lowest paid employees; doing nothing to improve inequality<\/a> in society.<\/p>\n The letter was co-ordinated by the High Pay Centre. It follows claims by the London Stock Exchange and a number of business leaders that higher top pay awards would improve the competitiveness of the UK economy.<\/p>\n The academics have expressed reservations about these claims, arguing that:<\/p>\n The letter does not express blanket opposition to higher executive pay at all companies. It instead recommends that investors treat proposals for top pay increases with appropriate scepticism before choosing whether or not to support them on a case-by-case basis.<\/p>\n Professor Alexander Pepper, emeritus professor of management practice at the London School of Economic and Political Science, said:<\/p>\n While I welcome constructive debate, it’s hard not to conclude that the London stock market’s unfavourable international competitive position is a consequence of political uncertainty, a confused approach to international trade, a shortage of capital, and the absence of a coherent industrial policy, rather than a failure to remunerate top executives at US pay levels.<\/p>\n Wider social policy issues also need to be recognised. Business is not carried on in a social and political vacuum.<\/p><\/blockquote>\n Luke Hildyard, Director of the High Pay Centre said:<\/p>\n The debate about pay in the UK needs to recognise that there is considerable evidence and a number of expert voices opposed to very high top pay awards. While it is not a zero sum game, excessive executive pay does have implications for the pay levels of the wider workforce.<\/p>\n There is also a well-documented link between higher levels of inequality and much worse lower levels of happiness, health and wellbeing across society.<\/p><\/blockquote>\n The letter comes off the back of High Pay Centre research that showed in 2022<\/a>:<\/p>\n Previous High Pay Centre research found that 76% of people think top earners should not be paid more than 20 times their low and middle earning colleagues, while just 3% thought that it was right for CEOs to make more than low and middle earners.<\/p>\n Signatories to the High Pay Centre’s letter are:<\/p>\n Featured image via nmarnaya<\/a> – Envato Elements<\/em><\/p>\n By The Canary<\/a><\/p>\n\nHigh Pay Centre: high pay does not equal productivity<\/h2>\n
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Inequality is not good for anyone<\/h2>\n
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Signatories<\/h2>\n
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