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| Monday, 22 July, 2002, 06:08 GMT 07:08 UK TUC opens drive against fat cat pay ![]() Vodafone chiefs: Pay awards under fire The TUC has opened a campaign against "fat cat" pay packages, in a sign of the growing activism among UK unions. TUC activists has joined the drive to block awards totalling millions of pounds proposed for chiefs at mobile phone giant Vodafone.
"The TUC believes that the suggested remuneration policy is not acceptable," said Tom Powdrill, the TUC's institutional investment officer. And the TUC said that its Vodafone campaign represented the start of a round of protests against "executive excess". "We plan to target several more strategic and symbolic pay packages... before the end of the year," Mr Powdrill added. Growing unrest The TUC's call, urging Vodafone shareholders to vote against the pay awards at the company's annual general meeting on 31 July, will be seen as a further signal of union chiefs' increasing confidence. Unions have staged a series of high profile protests in recent weeks, with tube drivers and council workers striking last week and firefighters set to march through Glasgow on Monday in support of higher pay. Prime Minister Tony Blair is reported to be considering the appointment of a "strikes czar" to tackle growing industrial unrest. The TUC said its Vodafone campaign was aimed at promoting government aims to make bosses more accountable for the performance of their firms. "This vote is the first serious test for the government's plans to hold directors to account for executive excess at shareholder AGMs," Mr Powdrill said. Other protesters at the Vodafone awards include Pensions Investment Research Consultants (Pirc), which is concerned that large awards could be given for only modest performance. "We think the potential awards are also too generous," Stuart Bell, Pirc research director, said. |
See also: 22 Jul 02 | Scotland 21 Jul 02 | England 19 Jun 02 | Business 28 May 02 | Business 28 May 02 | Business Top Business stories now: Links to more Business stories are at the foot of the page. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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