{"id":1308923,"date":"2023-12-18T18:17:39","date_gmt":"2023-12-18T18:17:39","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/resist-the-corporate-lobbyists-ftse-100-bosses-do-not-need-us-style-bonuses-nils-pratley\/"},"modified":"2023-12-18T18:17:39","modified_gmt":"2023-12-18T18:17:39","slug":"resist-the-corporate-lobbyists-ftse-100-bosses-do-not-need-us-style-bonuses-nils-pratley","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/resist-the-corporate-lobbyists-ftse-100-bosses-do-not-need-us-style-bonuses-nils-pratley\/","title":{"rendered":"Resist the corporate lobbyists: FTSE 100 bosses do not need US-style bonuses | Nils Pratley"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p class=\"dcr-rysp4a\">The unofficial \u2013 but determined \u2013 campaign to allow <a href=\"https:\/\/www.theguardian.com\/business\/ftse\" data-link-name=\"in body link\" data-component=\"auto-linked-tag\">FTSE<\/a> 100 chief executives to be handed US-style megabucks pay packages has a new pin-up.<\/p>\n<p class=\"dcr-rysp4a\">He is the familiar figure of Michael O\u2019Leary of Ryanair, who isn\u2019t running a Footsie company but is on course for a blowout bonus that, the megabucks lobbyists will argue, demonstrates the case for incentivising bosses with even bigger financial carrots. <a href=\"https:\/\/www.theguardian.com\/business\/2023\/dec\/18\/ryanair-boss-michael-oleary-heads-for-100m-bonus\" data-link-name=\"in body link\">O\u2019Leary is looking good for a \u20ac100m bonus<\/a> under a 2019 scheme that required the airline\u2019s share price to head to the moon, which it is almost doing to the necessary degree.<\/p>\n<p class=\"dcr-rysp4a\">It\u2019s a short-haul hop from O\u2019Leary\u2019s scheme to the idea being promoted that executives at large UK-based companies are underpaid versus their US cousins and that the country faces a drain of executive talent unless we swallow our scruples about US-style awards.<\/p>\n<p class=\"dcr-rysp4a\">\u201cThis lack of a level playing field for UK companies is often not discussed, or if it is, the downside risks to our companies, our economy and our competitiveness are not part of the conversation,\u201d said Julia Hoggett, the chief executive of the <a href=\"https:\/\/www.theguardian.com\/business\/londonstockexchangegroup\" data-link-name=\"in body link\">London Stock Exchange<\/a>, in May, making herself popular with the UK executive class.<\/p>\n<p class=\"dcr-rysp4a\">Her appeal for a \u201cbig tent\u201d conversation is having an effect. The fund manager Legal &amp; General Investment Management has adjusted its voting policies on pay policies to allow companies the \u201cnecessary flexibility\u201d needed to attract the best talent, <a href=\"https:\/\/www.thetimes.co.uk\/article\/is-it-time-to-pay-britains-chief-executives-more-cw99px5ql\" data-link-name=\"in body link\">the Sunday Times reported at the weekend<\/a>. With a hint of what\u2019s coming next year, LGIM acknowledged \u201can increased push\u201d by UK companies towards \u201cremuneration structures that are more closely aligned to US-style pay\u201d.<\/p>\n<p class=\"dcr-rysp4a\">But, before the Hoggettiers run away with this debate, a reality check is needed. The rough going rate for a successful chief executive of a company at the top end of the FTSE 100 is \u00a310m a year. That may not gain bragging rights stateside, where $30m bonuses barely cause a stir, but is still a decent whack from the point of view of the recipient. Are Footsie companies, whose board tend to be highly international (you can even find a few Americans), really under the cosh recruitment-wise?<\/p>\n<p class=\"dcr-rysp4a\">Virtually the only example ever offered in this context is Namal Nawana, the American who was once chief executive of the medical group Smith &amp; Nephew but hot-footed it back to the US after only 18 months after a row over pay. But the Nawana case was four years ago. It has not been followed by a spate of defections.<\/p>\n<p class=\"dcr-rysp4a\">An uncontroversial pick for the best-managed top-10 FTSE 100 firms over the past decade might be AstraZeneca, Diageo and Relx. All have had longserving bosses \u2013 Pascal Soriot, <a href=\"https:\/\/www.theguardian.com\/business\/2023\/jun\/07\/diageo-chief-executive-ivan-menezes-dies-63-drinks-firm\" data-link-name=\"in body link\">the late Ivan Menezes<\/a> and Eric Engstrom respectively \u2013 who have been paid very well by UK standards but all could very likely have been paid more in the US. All stayed.<\/p>\n<p class=\"dcr-rysp4a\">The pay-em-more lobby sometimes expresses its argument as a plea for exceptionalism in corporate turnaround situations. But that door is already open. Ryanair <a href=\"https:\/\/www.theguardian.com\/business\/2019\/sep\/19\/michael-oleary-ryanair-boss-could-get-100m-bonus-despite-shareholder-revolt\" data-link-name=\"in body link\">narrowly got a thumbs up from shareholders for O\u2019Leary\u2019s lolly back in 2019<\/a>. Even Pearson, the educational publisher, persuaded its shareholders to back the hiring of Andy Bird, a former Disney executive, on a US-style package with a bumper share component.<\/p>\n<p class=\"dcr-rysp4a\">What the corporate lobbyists resent, one suspects, is being forced to explain why they are supposedly a special case. Chairmen don\u2019t like the sometimes hostile reaction in the outside world, and they don\u2019t like having to explain why, in cases like Pearson\u2019s, their companies have performed so poorly for so long that they\u2019re pushing the recruitment equivalent of the panic button. The chairmen would like their lives to be easier and the process to be normalised.<\/p>\n<p class=\"dcr-rysp4a\">Well, tough. There are good reasons why it ought to be difficult to diverge too far from boardroom pay norms. UK executives are not underpaid versus peers in the rest of Europe. The median pay for FTSE 100 chief executives was on average 80 times that of an ordinary employee, according to High Pay Centre\u2019s figures last year, a ratio that would have been regarded as unacceptable even a generation ago.<\/p>\n<p class=\"dcr-rysp4a\">A fight is coming, but the message to UK plc ought to be simple: don\u2019t import and normalise US packages, just run your companies better. And remember the candid admission of a former (very well paid) Shell chief executive, Jeroen van der Veer, <a href=\"https:\/\/www.theguardian.com\/business\/2009\/jun\/09\/viewpoint-julia-finch-bonuses-lloyds-punch\" data-link-name=\"in body link\">when he made his way to exit 15 years ago<\/a>: \u201cIf I had been paid 50% more, I would not have done the job better. If I had been paid 50% less then I would not have done it worse.\u201d<\/p>\n<\/div>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.theguardian.com\/business\/nils-pratley-on-finance\/2023\/dec\/18\/resist-the-corporate-lobbyists-ftse-100-bosses-do-not-need-us-style-bonuses\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The unofficial \u2013 but determined \u2013 campaign to allow FTSE 100 chief executives to be handed US-style megabucks pay packages has a new pin-up. He is the familiar figure of Michael O\u2019Leary of Ryanair, who isn\u2019t running a Footsie company but is on course for a blowout bonus that, the megabucks lobbyists will argue, demonstrates [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1308923","post","type-post","status-publish","format-standard","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Resist the corporate lobbyists: FTSE 100 bosses do not need US-style bonuses | Nils Pratley - Business Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theguardian.com\/business\/nils-pratley-on-finance\/2023\/dec\/18\/resist-the-corporate-lobbyists-ftse-100-bosses-do-not-need-us-style-bonuses\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Resist the corporate lobbyists: FTSE 100 bosses do not need US-style bonuses | Nils Pratley - Business Telegraph\" \/>\n<meta property=\"og:description\" content=\"The unofficial \u2013 but determined \u2013 campaign to allow FTSE 100 chief executives to be handed US-style megabucks pay packages has a new pin-up. He is the familiar figure of Michael O\u2019Leary of Ryanair, who isn\u2019t running a Footsie company but is on course for a blowout bonus that, the megabucks lobbyists will argue, demonstrates [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theguardian.com\/business\/nils-pratley-on-finance\/2023\/dec\/18\/resist-the-corporate-lobbyists-ftse-100-bosses-do-not-need-us-style-bonuses\" \/>\n<meta property=\"og:site_name\" content=\"Business Telegraph\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-18T18:17:39+00:00\" \/>\n<meta name=\"author\" content=\"businesstelegraph\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"businesstelegraph\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theguardian.com\/business\/nils-pratley-on-finance\/2023\/dec\/18\/resist-the-corporate-lobbyists-ftse-100-bosses-do-not-need-us-style-bonuses#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/resist-the-corporate-lobbyists-ftse-100-bosses-do-not-need-us-style-bonuses-nils-pratley\/\"},\"author\":{\"name\":\"businesstelegraph\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#\/schema\/person\/0a3a6a0f58402f1f2af94e02d0987b78\"},\"headline\":\"Resist the corporate lobbyists: FTSE 100 bosses do not need US-style bonuses | Nils Pratley\",\"datePublished\":\"2023-12-18T18:17:39+00:00\",\"dateModified\":\"2023-12-18T18:17:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/resist-the-corporate-lobbyists-ftse-100-bosses-do-not-need-us-style-bonuses-nils-pratley\/\"},\"wordCount\":788,\"publisher\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#organization\"},\"articleSection\":[\"finance\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/resist-the-corporate-lobbyists-ftse-100-bosses-do-not-need-us-style-bonuses-nils-pratley\/\",\"url\":\"https:\/\/www.theguardian.com\/business\/nils-pratley-on-finance\/2023\/dec\/18\/resist-the-corporate-lobbyists-ftse-100-bosses-do-not-need-us-style-bonuses\",\"name\":\"Resist the corporate lobbyists: FTSE 100 bosses do not need US-style bonuses | Nils Pratley - 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