During the research for a project I'm working on I found myself looking through GlaxoSmithKline's accounts. Remembering the debate over the Public Sector Rich List I got curious and wondered just how much JP Garnier - the reputedly well-paid boss of what is a huge company - gets paid. The figure is $5,413,000. That's a lot of money, not bad if you can get it. However, GSK are really massive and. I wondered how much more it was than the £1,256,000 that Crozier takes home in total remuneration and whether Garnier or Crozier make more per pound of their company's revenue.
I've done those calculations. They are entirely reliable with the proviso that the exchange rate is today's rather than last year's. Royal Mail revenue and operating profit figures are from their accounts:
What that shows is that Royal Mail pay Crozier more compared to their profit and revenue than GSK pay Garnier. Adam Crozier is, at least compared to JP Garnier, well paid even relative to the scale of the company he is running. Even at the very top end the public sector now pays really well.
Given that public sector organisations don't depend on success in the market to attract customers or strong financial results to attract shareholders there is no reason to assume these salaries are likely to be justified.
Cross-posted from the TaxPayers' Alliance blog