And How Is Tesco's Boss Worth 9.93 Million Salary?

I stopped using Tesco ages ago. It’s either Tesco or Morrisons for deliveries here so I use Morrisons. Cheaper, too.

It's not easy to shop elsewhere.

We shall have to go there tomorrow.
It's not the fault of the lovely staff at our local Tesco; if people don't shop there they would lose their jobs.

That’s because the charity sector doesn’t command such high salaries in the market - and nor should it because those salaries are paid by donors who don’t expect their donations to be spent on excessively high salaries. I stopped donating to one charity because I considered the CEO’s salary was excessive. Anyone disliking Tesco’s remuneration scheme can shop elsewhere. Tesco is a commercial, not charitable, organisation.

But so many of them prove to be worth far less than the salaries they are paid.

Charity bosses earn nowhere the £9.3 million this man earned last year.

Oldbat1

No person is worth that. Turns my stomach thinking of the utter greed.

I can quite see where you coming from Oldbat1, I really do, but it's all relative.

We live in a monetarist society, like it or not, right or wrong.

Tesco are top of the shop - Spar are not. Clearly lots and lots of people like shopping at Tesco, not so many enjoy the Spar experience. Tesco has grown to the company it is now because of it's senior management, customers seem to be happy, shareholders are happy, financial markets are happy.

Is 500gm of Sturgeon's roe worth £3500? Clearly it is otherwise people wouldn't buy it and high class grocery counters wouldn't be selling it.

Anything - people, or any asset, is worth what people are prepared to pay for it.

No person is worth that. Turns my stomach thinking of the utter greed.

Exactly.

These massive salaries are a combination of, as GSM said, market forces, right place, right time. Relevant skills and experience, ambition, 100% commitment to the job, being on call 24/7 - and more.

Top performing companies are top performing because they have top performing people at the helm.

Much the same as the bleating complainers who think that CEO's of charities should be paid a pittance because it's a charity. Running a national or international charity is no different than running a national or international private sector corporation. It fails or succeeds depending on the quality of it's leadership.

Pay peanuts, get monkeys.

Thank goodness for all the toilet rolls, then! 😀

Freya5

Callistemon21

eazybee

Disgraceful.
I wonder if Labour have any plans for preventing these obscene salaries?

It is disgraceful, eazybee, I agree.

Yes, let's hope Labour do have some plans to right these wrongs and limit the obscene amounts of money these people think they are entitled to.
It has got completely out of hand now and that means they expect these huge salaries and bonuses believe they are worth it, and it's going to be difficult to rein them back.

How will Labour force a private company to stop paying CEO huge salaries. Is it just Tesco or all of them. Nationalise them along with the railways.

A law where the top bosses' pay is never above a certain multiple of that of the employees' average salary, which I think happens in some countries.

Or punitive tax above a certain amount?

Germanshepherdsmum

I would imagine his working hours are pretty horrendous. Remember, the buck stops with him. He can have the most wonderful fellow directors reporting to him on all aspects of the business (which is a global business) but at the end of the day the responsibility is his and his head is on the block. He is answerable to shareholders and the City. Not a job I imagine any here would either relish or be capable of undertaking.

Very well said.

Callistemon21

eazybee

Disgraceful.
I wonder if Labour have any plans for preventing these obscene salaries?

It is disgraceful, eazybee, I agree.

Yes, let's hope Labour do have some plans to right these wrongs and limit the obscene amounts of money these people think they are entitled to.
It has got completely out of hand now and that means they expect these huge salaries and bonuses believe they are worth it, and it's going to be difficult to rein them back.

How will Labour force a private company to stop paying CEO huge salaries. Is it just Tesco or all of them. Nationalise them along with the railways.

I would imagine his working hours are pretty horrendous. Remember, the buck stops with him. He can have the most wonderful fellow directors reporting to him on all aspects of the business (which is a global business) but at the end of the day the responsibility is his and his head is on the block. He is answerable to shareholders and the City. Not a job I imagine any here would either relish or be capable of undertaking.

I wonder exactly what HE does for all that?
Not what his secretary or secretary's secretary do, not what all the minions under him do, but what HE does?
I bet he's there on time and leaves on time, ie 09:00 - 17:00 each day and no longer!
It's as bad as footballers.

eazybee

Disgraceful.
I wonder if Labour have any plans for preventing these obscene salaries?

It is disgraceful, eazybee, I agree.

Yes, let's hope Labour do have some plans to right these wrongs and limit the obscene amounts of money these people think they are entitled to.
It has got completely out of hand now and that means they expect these huge salaries and bonuses believe they are worth it, and it's going to be difficult to rein them back.

Thank you Smileless; I was not having a go and I am well aware the Conservatives have facilitated this.

keepingquiet

Denise Coates- head of BetFred = 265 million
Head of Persimmon Jeff Coates= 47.1 million
Simon Peckham head of Melrose 42 million
Rob Perrins Berkely group 27 million
Jeremy Darroch- head of Sky 16 milion
Head of Coca Cola 13 million
Head of reckitt household products 12.5 million
Head of british Tobacco 11.4 million

Just a snapshot of what people could earn even 7 years ago, so what Tesco boss is earning seems feeble compared to these!

I do hope they're all paying tax on those amounts!

Mt61

All jumped on the bandwagon of brexit, Covid. Couldn’t believe price hikes each week, I mean you need a second mortgage just to buy blinking loo rolls & tinned tomatoes! Cushelle loo paper £10 just before Covid now £16.99 for 32 rolls 😩I think most super markets are just taking the piss to be honest

Unfortunately it's the cost of raw ingredients, fertilisers, fuel, electricity etc which has pushed up prices for farmers and manufacturers resulting in price rises for consumers.

I do think it's possible to restrict the top salaries as they do in some countries, using a ratio to the average salary of his staff. No-one, not even him, is worth that much.

Some of these top bods fail at one job and immediately move into another. Why is that even possible?

Just had my Tesco delivery- no complaints from me. I wonder where the info came from in the first place.

Mt61

All jumped on the bandwagon of brexit, Covid. Couldn’t believe price hikes each week, I mean you need a second mortgage just to buy blinking loo rolls & tinned tomatoes! Cushelle loo paper £10 just before Covid now £16.99 for 32 rolls 😩I think most super markets are just taking the piss to be honest

No wonder they pay themselves super wages

All jumped on the bandwagon of brexit, Covid. Couldn’t believe price hikes each week, I mean you need a second mortgage just to buy blinking loo rolls & tinned tomatoes! Cushelle loo paper £10 just before Covid now £16.99 for 32 rolls 😩I think most super markets are just taking the piss to be honest

Germanshepherdsmum

Market forces dictate salaries. Companies such as Tesco are required to have a remuneration committee and shareholders vote on salaries of senior executives. Anyone here think they could do the job?

I could definitely pretend I knew how to do the job.

Then out of my 9 million I'd pay someone 4 million who definitely could do the job.

Job done - 5 million would keep me in chocolate hobnobs for a while and any decent non-greedy person would be happy with their 4 million.

Germanshepherdsmum

Market forces dictate salaries. Companies such as Tesco are required to have a remuneration committee and shareholders vote on salaries of senior executives. Anyone here think they could do the job?

Yes, to be honest, I think I could for with that kind of salary I would expect to have a team of experts with the relevant expertise.

Is it his annual salary or is it his salary plus this years bonus?

I avoid Tesco’s.

Denise Coates- head of BetFred = 265 million
Head of Persimmon Jeff Coates= 47.1 million
Simon Peckham head of Melrose 42 million
Rob Perrins Berkely group 27 million
Jeremy Darroch- head of Sky 16 milion
Head of Coca Cola 13 million
Head of reckitt household products 12.5 million
Head of british Tobacco 11.4 million

Just a snapshot of what people could earn even 7 years ago, so what Tesco boss is earning seems feeble compared to these!