High Pay Centre Head of Research Luke Hildyard writes to the Daily Telegraph
Fraser Nelson makes the common error in assuming that the fortunes of major corporations are defined by one or two executives at the top of the hierarchy
Executives are dependent on trusted advisers to inform their decisions; the wider employee base to implement them; and prevailing external conditions. Wealth is created collectively, and corporate pay structures should reflect this.
The huge difference in pay between the highest and lowest earners is not socially or economically sensible and is not sustainable in the long-term.
This letter appeared in the Daily Telegraph on 1 August, and can be read online here)