Utility chiefs ignore strictures on rises

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The Independent Online
Directors of the privatised utilities are ignoring government strictures to moderate their remuneration packages, according to new figures.

The average pay rise for the 91 executive directors of the former state- owned companies was 6.9 per cent - when the average increase for the United Kingdom workforce was 4.5 per cent. Thirty-seven of the 91 enjoyed increases of 10.5 per cent or more.

The study by Labour Research, an independent research organisation, also discloses that the earnings increases for the directors often bear no relation to the performance of their companies.