There is no way I am going to vote for a pay cut whilst Willie is being rewarded!
This just sends the wrong signal - Willie should be ashamed - he should forgo this pay rise and take a permanent pay CUT too along with the rest of us!
from The Times....
BA chief Willie Walsh gets pay rise despite record losses
News of Willie Walsh's pay rise is embarrassing timing as the chief executive is negotiating pay cuts with his employees
Willie Walsh, the chief executive of British Airways, will receive an inflation-busting pay rise taking his salary to £743,000 this year and could gain a further £1.1 million in deferred share bonuses.
The pay award was published in the airline's annual report on Wednesday, but the timing is embarrassing as Mr Walsh is negotiating pay cuts with his employees. He said last night that he would forego his annual bonus of up to £550,000 in shares this year.
Mr Walsh waved his cash bonus of £700,000 last year after the botched opening of Heathrow's Terminal 5 and he has said that he will work for free during July.
BA lost £401 million last year and Mr Walsh has called for significant cost cutting as the airline faces its "worst ever trading environment".
According to BA's annual report, Mr Walsh's basic salary will rise by 6 per cent to £743,000 this year and he will waive a performance bonus of up to 75 per cent of this figure.
Mr Walsh will also receive up to £1.1 million of shares as part of the long-term incentive program.
The remuneration committee said that it had decided management needed an incentive for this year and has changed the performance criteria so that bonus payment is not contingent on the airline making a profit.
Bonuses will now be paid on meeting a financial plan rather than hitting a profit margin target. The importance of punctuality and customer satisfaction have been downgraded as elements on the bonus calculation.