Anger that BAE bosses may get big payouts (From Lancashire Telegraph)
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Anger that BAE bosses may get big payouts
7:00pm Tuesday 14th February 2012 in Ribble Valley news
BOSSES at BAE Systems could land multi-million pound bonuses, despite hundreds of workers in East Lancashire facing redundancy.
It is understood chief executive Ian King, finance director Peter Lynas and US chief Linda Hudson are set to cash in after the group was handed almost £200 million in a tax rebate, which will boost its earnings to share - the measure by which annual bonuses and long-term share awards are determined.
The pay package for the year to December is set to be announced tomorrow (Thursday) but an East Lancashire MP said it was 'ill timed' with hundreds of jobs under threat at Samlesbury and Warton.
Chorley MP Lindsay Hoyle said: "It will be bitterly disappointing for the people facing redundancy not just in Lancashire but Yorkshire.
"Are they paying bonuses to people for sacking people?
"If they win the India contract then people may think they deserve a bonus, but not when we've gone from first to second place.
"It's ill-timed and ill thought out."
Ribble Valley MP Nigel Evans said: "I think all businesses, public and private, should heed the mood of these times and giving lavish bonuses whilst others are losing their jobs will leave a very nasty taste in the mouth.”
The group is expected to report a 10 per cent fall in underlying earnings to £2 billion in 2011 as defence spending in the UK and the US comes under pressure.
Revenues are set to be down by about £2 billion to £20 billion as a result of a reduction to supply orders to the US Army after it pulled out of Iraq and a delay in an order for Eurofighters to Saudi Arabia.
BAE last year signalled the end of production at its factory in Brough, Yorkshire, which employed 1,300 workers, as part of a round of 3,000 redundancies at sites across the UK.
A BAE spokesman said: "Executive pay is performance-related and aligned to the interests of shareholders."
Comments(6)
peely
says...
8:43pm Tue 14 Feb 12
Just a set of greedy ba$%ards !
peely
says...
8:44pm Tue 14 Feb 12
Just a set of greedy ba$%ards !
Good call
says...
9:54pm Tue 14 Feb 12
Jimmy Jambone wrote:How are the workers living off the bosses backs if anything, it's the other way round.Who does the work that makes a company ££'s,the Workers do.Do you actually think its ok that the fat cats at BAE (and other companys) are getting huge wages and bonuses while many of the workers are facing redundancy.If you do, you serious help.Screw this corrupt,gready,globa
Executive pay is performance-related and aligned to the interests of shareholders.
End of story.
BAE systems is not in the business of being responsible for the financial well being of it's employees. It's a BUSINESS not a parent.
Grow up and be responsible for yourselves rather than trying to shame others into allowing them to let you live off their back.
list "I'm all right jack" system.
Aslam Hussain
says...
11:21pm Tue 14 Feb 12
Good call wrote:Well said , classic case of them and Us , they take the cream while the workers get nothing !
Jimmy Jambone wrote: Executive pay is performance-related and aligned to the interests of shareholders. End of story. BAE systems is not in the business of being responsible for the financial well being of it's employees. It's a BUSINESS not a parent. Grow up and be responsible for yourselves rather than trying to shame others into allowing them to let you live off their back.How are the workers living off the bosses backs if anything, it's the other way round.Who does the work that makes a company ££'s,the Workers do.Do you actually think its ok that the fat cats at BAE (and other companys) are getting huge wages and bonuses while many of the workers are facing redundancy.If you do, you serious help.Screw this corrupt,gready,globa list "I'm all right jack" system.
living the end times in BB1
says...
12:29am Wed 15 Feb 12
Aslam Hussain wrote:BOSSES at BAE Systems could land multi-million pound bonuses, despite hundreds of workers in East Lancashire facing redundancy. Time to splash some of that hard earned cash on precious metals before the money bonuses you have wisely awarded yourselves isn't worth the paper its printed on.The euro will collapse by april which will send the entire world into the worse depression since records begun Everyone has some ideas about money, who controls it, where it comes from and how it operates. Some say the government prints it; others say hard work makes money, while others would guess that it's something to do with gold. They might also picture it as a vast pile with everyone competing for as much as they can get. Bankers sometimes inflame our passions by claiming that the government has grabbed all the money and there is none left for private industry.
Good call wrote:Well said , classic case of them and Us , they take the cream while the workers get nothing !Jimmy Jambone wrote: Executive pay is performance-related and aligned to the interests of shareholders. End of story. BAE systems is not in the business of being responsible for the financial well being of it's employees. It's a BUSINESS not a parent. Grow up and be responsible for yourselves rather than trying to shame others into allowing them to let you live off their back.How are the workers living off the bosses backs if anything, it's the other way round.Who does the work that makes a company ££'s,the Workers do.Do you actually think its ok that the fat cats at BAE (and other companys) are getting huge wages and bonuses while many of the workers are facing redundancy.If you do, you serious help.Screw this corrupt,gready,globa list "I'm all right jack" system.
The world has passed beyond an age of scarcity and the challenge of the new era is not about solving problems of want, but dealing with abundance and how to use it to create a sustainable future. Above all we need the visionaries able to point the way.And sometimes you have to pay hefty bonuses for the visionaries to do that.
Jimmy Jambone says...
8:27pm Tue 14 Feb 12
End of story.
BAE systems is not in the business of being responsible for the financial well being of it's employees. It's a BUSINESS not a parent.
Grow up and be responsible for yourselves rather than trying to shame others into allowing them to let you live off their back.