Times are hard in the recession

Image via Wikipedia

But not for everyone it seems.

Barclays boss John Varley who received a £2.9m pension top-up in 2008 despite the share price of his company falling from 700p in August 2007 to 234p now.

At insurance company Legal & General, chief executive Tim Breedon was awarded a £1.5m pension pot increase last year despite presiding over a share price collapse from 130p to 52p.

Karam Bhutalia, head of private equity at Standard Chartered left the company in April 2009 with a £16m pay off.

In America, two unnamed highfliers at HSBC failed to heed the company's call for executive pay restraint and between them also pocketed £16m.

One survey showed that 16 top execs saw rises of more than £1m in 2008 including David Brennan, chief executive of drug giant Astra Zeneca who saw the value of his pension rise by £4m.

And John Watson, chief executive of Bellway homes was awarded an extra £3m despite the dire state of the UK housebuilding industry.

Wouldn't it be nice if we call get paid accoring to this system?

Quotes courtesy of Unite.

Related articles by Zemanta

• Bellway investors vote down remuneration report in protest at executive bonuses (telegraph.co.uk)