We like to say we do things differently at the Co-op. Well,last week we proved it. On a morning when the Co-op reported growing profits and growing investment, including in frontline pay for colleagues, and our chief executive Richard Pennycook also announced he was taking a voluntary pay slit. A total of 60% across base pay and bonus. That’s not the way CEOs generally behave. Normally,more profit leads to higher pay (at least for top execs).
It was a small disappointing, therefore, and to see your article (Co-op boss will buy 60% pay slit – but not until next year,8 April) focusing on the fact that some elements of the slit to bonus wont come in to effect until 2017. The Guardian has always beaten the objective pay drum loudly, holding those in positions of power across commerce and politics to account when it comes to what they are paid. And rightly so. With the gap between the UK’s poorest and the richest growing each year, or people understandably want to know that pay and rewards for commerce leaders are justified. Richard may well have scandalised some of his opposite numbers in the PLC world by his announcement. But if he has that would be a good thing.
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Source: theguardian.com