A Pigeon Among The Cats

‘IN one of the most spectacular U-turns since, well, the last time Clare Short opened her gob, the Tories are recasting themselves as the party of the poor.

Drugs baron

Party leader Iain Duncan Smith tells this morning’s Guardian that society is being ”hollowed out from the inside” by the growing disparity between rich and poor.

And he adds: ”I want to be the party for the poor. I can’t think that we could possibly preside over society heading in the direction it’s heading at the moment.”

Presumably, that will mean putting a stop to the obscene pay-outs that line the pockets of the fat cats in the City.

This morning, the Independent’s heckles are raised by the news that Jean-Pierre Garnier, CEO of GlaxoSmithKline, will receive up to £22m when he steps down.

The value of shares in the world’s second biggest pharmaceutical company has fallen by a third since M Garnier took over in 2000.

No wonder, says the Indy, that even the City is angry.

”It is possible – perhaps even likely – that M Garnier will become the first casualty of the latest mood of disgust over the way company bosses have seen their rewards rocket regardless of their performance,” it says.

Among the tactics used to boost M Garnier’s pay-out are overstating his age by three years and giving him a theoretical salary of £6m a year.

As it is, he has to get by on a mere £2.4m.

The Independent expects a barrage of protest at the company’s AGM today, with many big institutional shareholders preparing to vote against the remuneration package.

”The cream is beginning to taste sour for Britain’s fat cats,” it says.

Sour it may be, but it’s still cream – rather than the powdered milk many of us have to get by on.

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Posted: 19th, May 2003 | In: Broadsheets Comment | TrackBack | Permalink