Friday February 28, 2020

Mind the gap: executives can’t ignore public anger over huge pay packets

Shareholders should be sensible when determining salaries for company bosses. If they are not, governments may step in to allay voters’ concerns

27th October, 2019
2
Richard Grasso’s wage packet made global headlines in 2003

The most outrageously overpaid chief executive I have ever come across was Richard Grasso, the one-time boss of the New York Stock Exchange. In 2003, it emerged that Grasso, a man who had an exceptionally high opinion of himself, was in line for a deferred pay and pension package worth $140 million – on top of the generous remuneration he was already getting.

At the time, difficult as it is to believe today, the NYSE was a...

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