Business is Going Global and is increasing it's power over the individual and governments.
At FirstMistake.org we believe business needs to serve society and not have control over society. These are articles about the role of business and the free market in destroying the planet and on ideas to curb their excesses.
Power Firms Carbon £2Bn Rip Off
Power firms in £2bn carbon trade rip-off
The following article is from the Daily Mail on 15 may 2007. FirstMistake spotted this story much earlier in our article "Emisions Trading - Is the free market suitable?"
published
24/02/07.
Energy companies have made up to £2billion profit at t
There is Money in Destroying the Environment
SSE hands massive salary increases to executives
Scottish & Southern Energy, which last year hammered consumers with hefty energy price hikes, has handed its top executives inflation-busting salary increases after a review of boardroom remuneration concluded that they were underpaid.
On January 1 this year, the company's annual report discloses, SSE's four executive directors saw their basic salaries rise by between 9% and 17%. Chief executive Ian Marchant is now on a basic of £720,000 - an increase of around £100,000 in the past two years.
SSE said the rises, detailed in the annual report, reflected the fact that SSE's executives are paid "below median" for comparable companies in the FTSE index. It is also addressing this alleged anomaly by proposing to the annual meeting that the maximum bonus "cap" for executive directors under the company's new
performance share plan be increased from 100% to 150% of salary.
The report of the Perth-based parent company of Scottish Hydro-Electric, posted on its website yesterday, showed that Marchant's salary, annual bonus, and benefits jumped by more than 16% to £1.21m in 2006-07, up from £1.04m in the prior financial year. As well as his basic salary of £675,000, bonus of £518,000 and benefits of £17,000, Marchant, 46, was awarded 46,081 shares under the deferred bonus plan.
These shares had a value of nearly £670,000 at last night's closing price - though they will only vest in future if Marchant remains with the company - taking his total remuneration for the year to nearly £1.9m. Marchant also made a notional gain on the exercise of share options of £408,876.
The annual report also shows that Colin Hood, who joined the board of SSE in January 2001 as power systems director and became chief operating officer in October 2002, was paid salary, bonus and benefits totalling £894,000 in 2006-07, up from £772,000 last time.
Hood, 52, was awarded 33,446 shares under the deferred bonus plan worth nearly £500,000 at yesterday's closing price of 1449p.
Finance director Gregor Alexander, 44, received £656,000 in 2006-07, up from £531,000 last time, including a basic salary of £360,000 and bonus of £282,000. Alistair Phillips-Davies, the 39-year-old energy supply director, took home £659,000, up from £531,000.
Chairman Sir Robert Smith, meanwhile, saw his pay rise from £218,000 in 2005-06 to £266,000.
Open SKies Anger
'OPEN SKIES' AVIATION ANGER
The European Union is planning to back an aviation deal with the US that it hopes will boost the number of people flying across the Atlantic, only weeks after it agreed on ambitious targets to reduce its contribution to global warming.
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