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wobbliscott - Member
...the CEO's themselves are taking a big risk...
hang on, while i **** myself laughing.
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(breathes)
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you're kidding, right?
"oh no, they've only paid me (millions) for one years work, and now they've gone an sacked me (golden handshake)"
and these people are hardly dragged in off the street to begin with, this is clearly some strange use of the word 'risk' that i was previously unaware of.
£500k total job income per annum cap sounds fair to me
On the news last night,
[i]
"The study found that more than 10% of men who graduated from Oxford, Cambridge and the London School of Economics – considered among the best universities in the UK - were earning more than £100,000 a year 10 years after gaining their degrees, with former LSE students taking home the most."[/i]
Doesn't leave them much headroom for promotions before they're 40 if you want to impose a cap at that sort of level.
I'm probably (still 2 years to go, but with the oil price circling the drain it's not looking likely) not going to achieve that, but I don't begrudge those who do get ahead.
It's still a job, no one likes being sacked whether they're on £15k, £50k, £500k or £5million (and they'll have a mortgage that accounts for 1/3rd of that, just like everyone else). Just that on CEOtrackworld they discuss which Bentley rather than Skoda Yeti's.you're kidding, right?"oh no, they've only paid me (millions) for one years work, and now they've gone an sacked me (golden handshake)"
It was explained on the news this morning that the £14m is the result of a previously agreed formula to determine the bonus, it's not plucked out of thin air today. The shareholder vote is retrospective and is not binding in any way. That money will be paid out.
This means all the investment funds can [i]pretend[/i] to be outraged, safe in the knowledge that absolutely nothing is going to happen about it.
I'm probably (still 2 years to go, but with the oil price circling the drain it's not looking likely) not going to achieve that, but I don't begrudge those who do get ahead.
Thats very magnanimous of you 😉
TINAS - You live in Reading ? And work for a design contractor ? Are you with Jacobs ?
TINAS - You live in Reading ? And work for a design contractor ? Are you with Jacobs ?
You saw nothing! (ducks into cubicle)
[could also be Fluor, ENI, AFW within a 25min commute, or 40min to Woking (KBR, Mustang, etc) or one of the smaller guys]
Thats very magnanimous of you
I'd like to think so.
I suspect the number working in Saudi, the Emirates etc is probably a similar percentage, so it's more a normal-ish salary + living in a repressive desert hell hole bonus.
Having worked in the O&G all my life I've seen the fat cats come & go.
I agree the salary's are ridiculous especially the young wanabees who'll all be crying now in Aberdeen as there 600 a day rate has been cut, new BMWs & Audis all going back to the main dealers as they can't afford them & the house prices falling like whores draws.
I resigned from BP Azerbaijan, had my fill of them, but you can guarantee this, one of Mr Dudleys goal will of been stream lining, cost saving call it what you may but it means getting rid of minions such as my self & enforce severe cut backs, which then makes him look good, oh look he's saved us millions so lets give him more...
Tired of all the bullS*t in the oil industry, time to ride my bike & pack it in at last.
I agree the salary's are ridiculous especially the young wanabees who'll all be crying now in Aberdeen as there 600 a day rate has been cut, new BMWs & Audis all going back to the main dealers as they can't afford them & the house prices falling like whores draws.
My facebook feed is like a more irritating version of "Rich kids of Instagram".
600/day? What were they, the tea boy :-p
thisisnotaspoon,
Long time since I worked in Aberdeen so I'm not up on the day rates, I'm going back many years but the whole place made me turn my back on it & stay over seas.
In this case what the shareholders say is irrelevant. According to the lady on Radio 4 this morning this is a retrospective vote and the company is under no obligation to change anything or take any notice of the vote and its outcome. The best they can hope is to put some pressure on the company to choose to change it. More to the point the majority of shareholders will approve the award
As someone from Aberdeen who doesn't work in the oil industry my heart bleeds. Boo f@@king hoo.
They've all been paid far far too much for what they do, particularly the desk bound paper shufflers. All its done is screw up the local economy & drive up house prices.
Long time since I worked in Aberdeen so I'm not up on the day rates, I'm going back many years but the whole place made me turn my back on it & stay over seas.
Never been to Aberdeen, but I'd be surprised if the day rates for engineers weren't higher than that at their peak, £60/hour would have been an average mid-career engineer in the SE, I'd expect Aberdeen to be higher.
They've all been paid far far too much for what they do, particularly the desk bound paper shufflers. All its done is screw up the local economy & drive up house prices.
Why the vitriol for desk bound paper shufflers?
Working in engineering design is an entirely paper (well, computerized since the 80's anyway) exercise.
Mate of mine who I haven't seen for years works(ed) in the oil & gas industry as a project manager in Norway.
Last time I spoke to him (which was probably 7 or 8 yrs ago) he'd recently signed up to a new contract & asked for £99/hr which they paid him without batting an eyelid. He was annoyed he hadn't asked for more.
And part of the package included moving his family with him, paying for an apartment & 2 cars for him and I think he was fully expensed too, so was barely spending any of his own earnings....
Envious....? Me?! I could have upgraded from SLX to XT!!
Does someone who's been made redundant from a steel mill on 30k deserve more sympathy than someone who's been made redundant form the O&D sector on 60k? I don't think it any different tbh however one would hope the person earning 60k would make some provision.
The shareholders have rejected it apparently.
EDIT: Non-binding vote against it.
chrismac - Member
In this case what the shareholders say is irrelevant.....[links somehow to]....More to the point the majority of shareholders will approve the award
The shareholders own the company....
they approve the award......(or not, or agree a three year binding formula, or sit in the backsides mute?)
and the problem is?
Dahedd, wee eck used to spin a very different story about the industry's impact on the Scottish (it's our oil don't you know) and local economy. Was he talking BS?
US CEO's earn considerably more, £100m+ not uncommon so the amount is relatively modest on a global scale.
Totally irrelevant!
By the same logic, GBH shouldn't be a crime as some people commit Murder, which is far worse....
[quote=binners spake unto the masses, saying]If the minimum wage was £20 an hour, our dreadful productivity record would have resulted in significantly higher unemployment. You chose....
Yet the boardroom occupants, with their enormous annual increases, who've overseen this collapse in this countries competitiveness, and dire productivity record, deserve their huge annual salary increases and massive bonuses because.....?
Just because....
Because football (TM)THM
There is no justification for the pay gap between the BP boss and other colleagues within the organisation at other levels
Also, no one even needs that level of income....it's pure greed, made even more obscene considering all the poverty we have in the world.
How can a ratio work when the lowest paid BP worker will almost certainly work in a different country, for example Nigeria ?
@Northwind fair to say many of the best execs will be working abroad and/or for US companies
@eden talk to the footballers, they play for the love of the game right ?
@jambayla...two wrongs don't make a right...
teamhurtmore - Member
If the minimum wage was £20 an hour, our dreadful productivity record would have resulted in significantly higher unemployment. You chose....
Are the hotshot directors on 6 or 7 figure salaries not paid these sums to help improve productivity?
Among other things, yes.
Also at that level the CEO's themselves are taking a big risk - They're only one decision away from the sack
That's not true, though. CEOs don't get capriciously binned.