Report calls for a new debate regarding top executives' earnings...
The Irish Congress of Trade Unions has called for reform regarding how top executive pay in private Irish companies is determined and structured.
The Congress believes companies and their remuneration committees and shareholders should have to take into account issues such as employee welfare, the environment and consumer satisfaction as well as financial performance when setting wage levels.
Calling for more diversity in the composition of company boards that determine executive pay, it calls for greater transparency generally with regard to pay.
The group argues that firms who secure large public contracts should be subject to even greater scrutiny in this regard - and that the mandate of the Low Pay Commission should be extended to monitor the relationship between average employee pay and the remuneration of their top bosses.
The call follows publication of a report, called "Because we’re worth it: The Truth About CEO Pay in Ireland" which focuses on the overall remuneration, including bonus and pension payments of the chief executives of twenty-one publicly quoted companies in Ireland over the last eight years.
It shows that while average wages are beginning to rise by about 2% per annum, chief executive remuneration has jumped in some cases by between 11% and more than 200% and that it would take many years for an average employee to earn the overall remuneration paid to people at the top.
One of its authours, Dr Peter Rigney joined Vincent Wall on Breakfast Business - he said that he hopes that this research will create a new debate and help Ireland move towards a more "equitable" society.