Wednesday was Fat Cat Day in the UK. It marks the day when individual FTSE 100 executives had earned as much as the average worker in the UK will earn in the entire year. The day was launched by the UK’s High Pay Centre, which has worked out that the average FTSE 100 executive’s pay reaches that point — £28,200 — in a mere two days. Fat Cat Day came just weeks after a study by Lancaster University Management School found the link between executive pay and good performance was negligible. It also comes in the wake of UK polls suggesting most workers there are demotivated by excess executive pay. This is the context in which shareholder activist Theo Botha is urging Coronation Fund Managers to take their remuneration disclosure responsibilities more seriously. He is also urging them to vote against Coronation’s remuneration policy until that happens. In the sensitive matter of executive remuneration, Coronation is both gamekeeper and potential poacher. As a fund manager, Coronation is...
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