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Unions blast transport heads fat cat salaries
Page 7
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IN Senior executive salaries in the transport industry are unacceptably high when compared to drivers' pay and conditions, say unions.
The Transport & General Workers Union (T&G) made its comments after the latest survey of business executives who earn more than Lim a year included several in the logistics business.
A union spokesman says: The transport industry is facing huge competitive pressure yet maintains a 'long-hours, lowpay' culture for those in the cab. The FTSE fat-cat list shows the unacceptable situation of one rule for the boardroom and another for the people who deliver on the ground.'
The top earner in the sector was John Allan, chief executive of Exel, whose package added up to nearly 22.9m. His basic salary was 2582,000, but a bonus of 2407,000 and share options of 21.9m pushed his pay into the top 30 FTSE earners.
Exel's business is going better than that of many listed transport companies, with profits and margins up in its latest interim results (CM 31 July6 August), but its share price has still suffered in recent years.
It closed at 26.70 last week, down from a high of around 18 in 2002. In 1999, it went as high as 213.
The company was unable to provide an average salary for its employees for comparison with its chief executive's pay, and did not wish to comment on the survey.
Another Exel executive, finance director and deputy chief executive John Coghlan, earned a total of nearly 21.5m last year. Keith Charlton, who left Hays Logistics in 2002, was another big earner—just breaking the 21m barrier. The Hays share price has also suffered badly in the last couple of years, falling from 25 in 2000 to a close of 104.5p at the end of last week.
The survey was compiled by The Guardian.