I was horrified to learn that the basic salary of Peter Marks, CEO of the Co-operative Group was £900,000 in 2010, with a performance-related bonus of £449,000.
I bank with the Co-operative group because I share the values of equality and solidarity - that business should be done in a fair and ethical way.
I don't understand how astronomical executive pay can be considered 'fair' or 'ethical' during a recession when most ordinary Co-operative members are struggling to make ends meet.
Last week, the High Pay Commission published 12 recommendations for curbing 'corrosive' executive pay.
As an ethical business that says it puts members first, the Co-operative group should immediately agree to implement all 12 of the High Pay Commission's recommendations.
The 12 measures are:
1. Pay basic salaries to company executive
2. Publish the top ten executive pay packages outside the boardroom
3. Standardise remuneration report
4. Require fund managers and investors to disclose how they vote on remuneration
5. Include employee representation on remuneration committees
6. All publicly listed companies should publish a distribution statement
7. Shareholders should cast forward-looking advisory votes on remuneration reports
8. Improve investment in the talent pipeline
9. Advertise non-executive positions publicly
10. Reduce conflicts of interest of remuneration consultants
11. All publicly listed companies should produce fair pay report
12. Establish a permanent body to monitor high pay
The Co-operative Group should commit to implementing all these measures and show their commitment to fair executive pay.