Directors’ Pay
Debate between Baroness Wilcox and Lord Archbishop of Canterbury(12 years, 5 months ago)
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The Lord Bishop of Durham
My Lords, since the 1980s the multiple between the average earnings in FTSE 100 companies and the earnings of top executives has risen from about 29 times to at least 140 times. If we do not see any improvement in these differentials, they will prove dangerous to social cohesion, as has been widely seen across Europe. Will the Minister be reviewing measures to see if greater effect can be brought to bear?
Baroness Wilcox
The right reverend Prelate is right; one of the big worries is the great differential which has gradually opened up between the top pay and that of other employees in the company. As we said in the Statement and as I am happy to repeat now, we will be making sure that companies are looking at the increments and the pay rises that are happening at all levels. I know the right reverend Prelate was in business and it is very nice to have a Bishop in the place who knows something about business.