Motion S5M-09772: Fat Cat Thursday

09 Jan 2018

That the Parliament notes so-called Fat Cat Thursday on 4 January 2018, which is the date in the new year by which top chief executives will have earned more than the average UK salary; understands that the figures are calculated by the High Pay Centre (HPC) and the Chartered Institute of Personnel and Development (CIPD); further understands that the average chief executive earns 120 times more than the average full-time employee, in spite of a reported fall in pay to top execs of a fifth; agrees with Peter Cheese, Chief Executive of the CIPD, that “we need a radical rethink on how and why we reward chief executives, taking into account a much more balanced scorecard of success beyond financial outcomes and looking more broadly at areas like people management”; believes that there is still much work to be done in tackling the problems of inequality that it considers have grown under poor management of consecutive UK governments, and calls on the UK Government to take further steps to curb excessive pay gaps in the workplace.