The Most Unequal Company on the Stock Market Reverses Decision to Give Bosses Double-Digit Salary Rise
Safestore, the most unequal company on the stock market, has reversed its decision to give its bosses a double-digit salary rise.
According to the High Pay Centre, a think-tank, Safestore, which operates self-storage facilities, has the largest pay gap between its CEO and rank-and-file employees among all listed firms.
Unequal: Safestore, which runs self-storage facilities, has the biggest pay gap between its chief executive and rank-and-file staff of any listed firm
Last year, CEO Frederic Vecchioli earned £8.4 million, which is 313 times more than the average pay of Safestore workers.
However, the company’s board considered Vecchioli’s base salary of £482,000 to be “conservative” and “not appropriately motivating” compared to his peers. They proposed a salary increase of at least ten percent.
Shareholders objected, and Safestore has now agreed to a six percent increase, which is less than the raise given to the rest of the workforce.
On average, the CEO of a FTSE 100 company earns over 100 times more than the company’s workers.
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