UKSA welcomes PROBAG as an organisation that is pro-business but recognises the obligations to society that leadership imposes.
Most shareholders of modern corporations are not beneficial owners – they do not suffer the risks and rewards of ownership. At best they are the benign agents for the owners. At worst they have interests that conflict. This is a fundamental weakness in the governance of public companies that has allowed the unearned executive pay explosion of recent years.
UKSA represents private shareholders – the purest form of real owner. Real owners want their companies to be sustainable wealth creators. This is not achieved by dancing to the imperatives of the financial markets. It requires business leaders who offer ethical as well as business leadership, and a commitment to the aims of society. People who fit this mould will want to be paid in recognition of their real worth, not by the formulaic windfalls of carefully contrived ‘performance’ plans.
Time to axe excessive pay – Accountancy magazine 20 June 2012 Sir Michael Darrington is calling time on overpaid executives who have failed to return value to shareholders and the wider public
‘If executive pay halved, it would still be generous’ – Pro-Business Against Greed – The Observer 17 June 2012
The former chief executive of Greggs tells why he has pledged to use his retirement to fight excessive boardroom pay.
Sir Michael Darrington, the former chief executive of Greggs, tells why he has pledged to use his retirement to fight excessive boardroom pay: http://www.guardian.co.uk/business/2012/jun/17/darrington-against-high-e…
Following Sir Martin Sorrell’s defence of the size of his pay package, comment from Sir Michael Darrington… “Trying to use the media to defend the indefensible is a very high-risk strategy, particularly when it relates to one’s remuneration. Sir Martin may not have invented the L’Oreal strap line “because I’m worth it”, but he is definitely trying to exploit it now.”
Judgment Call – Is it good to go public over pay dispute? – Financial Times 12 June 2012
Comment in The Guardian by Mike Darrington 8 May 2012
Aviva pay revolt shows we can make a difference on City’s culture of excess – Andrew Moss is the victim of a systemic City problem. But Pro-Business Against Greed has exposed a horrific trend…
Former Greggs chief attacks executive pay – Telegraph 23 February 2012
The former chief executive of bakery Greggs has attacked the culture of “excessive” boardroom pay in the UK.
Ex-Greggs chief attacks executive pay – The Guardian 22 February 2012
Sir Mike Darrington has become the first senior executive to break ranks with his peers and attack levels of boardroom pay.