Corporate greed rises even further. Pope admits to admiring God and Virgin Mary.
Chief executives' pay rises to £2.5m average:
It's worth noting that the Marjorie Scardino mentioned in the article is married to Albert Scardino, an executive editor at the Guardian who has recently announced he is leaving, so there is a slight whiff of hypocrisy. Despite that, the whole survey is shocking but still completely expected. As we grind further towards the inevitable major economic collapse, those at the top will continue to enrich themselves more and more. As oil production peaks, as global warming rages on, we can be safe in the knowledge that when the looting and panic breaks out, that our corporate heroes will be safely tucked in their mansons and bunkers, watching us. Our humanity won't have died, but theirs did a long time ago.
Directors' pay at Britain's top companies climbed an average of 16.1% last year - four times faster than average earnings and eight times the rate of inflation.
The increase takes the average pay for a chief executive, including bonuses and gains from long-term incentive plans, to more than £2.5m.
The continuing rapid rise in directors' remuneration is revealed in the Guardian's annual executive pay survey.
The 16% increase for 2004-05 follows a 13% rise for the previous year and 23% the year before that. Average earnings are rising at 4.1% and the average annual salary is £22,060. An average chief executive is paid 113 times more than an average UK worker.
The survey has identified more than 230 directors who received more than £1m last year - up from around 190 the year before. The figure is reached by adding salaries, annual cash bonuses and gains from longer-term share options and performance plans.
The highest-paid executive last year was Sir Martin Sorrell, the chief executive of WPP, the world's second biggest advertising agency. Pay plans came to fruition for Sir Martin in 2004, taking his rewards to more than £52m.
Among other top earners was Tony Ball, the former chief executive of satellite broadcaster BSkyB, who is ranked second as a result of agreeing not to set up in opposition to Sky for at least two years. The broadcaster paid him £10.7m.
Jean-Pierre Garnier of the drug group GlaxoSmithKline, James Nicol of the engineering group Tomkins and David Harding of the bookmaker William Hill occupy other top slots.
The Guardian survey also reveals that five female directors were paid more than £1m last year - compared with none the previous year - but two made it into the exclusive league only because they received substantial payoffs.
Sir Martin Sorrell's one-off rewards make the WPP board this year's most expensive in the FTSE 100. Excluding WPP, however, the directors of Tesco emerge as the best rewarded for the second consecutive year.
The total boardroom pay rose from £26m to more than £31m in the last year. That dwarfs the £18m paid to the directors of BP, the UK's biggest company with a stock market value of £131bn. The market values Tesco at £25bn.
At the other end of the scale, the worst-paid employees work in the catering and hospitality industries, at companies such as Compass, Mitchells & Butler and Whitbread. Tesco is also among the companies with the lowest-paid staff.
It's worth noting that the Marjorie Scardino mentioned in the article is married to Albert Scardino, an executive editor at the Guardian who has recently announced he is leaving, so there is a slight whiff of hypocrisy. Despite that, the whole survey is shocking but still completely expected. As we grind further towards the inevitable major economic collapse, those at the top will continue to enrich themselves more and more. As oil production peaks, as global warming rages on, we can be safe in the knowledge that when the looting and panic breaks out, that our corporate heroes will be safely tucked in their mansons and bunkers, watching us. Our humanity won't have died, but theirs did a long time ago.
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