Virgin Media is owned by a company that pays its CEO £8 million for one year's work.
All the while the internet giant has raised prices 6.7% since it was acquired by Liberty Global in November 2012.
We’ve had enough of corporations subsidising big pay packages for CEOs by raising the prices we pay. On 26th of June, shareholders can reject CEO pay by voting NO on executive pay at Liberty Global’s annual shareholder meeting.
If we act now, we can make sure shareholders and consumers come together to rein in out of control CEO pay.
When Liberty Global acquired Virgin Media, it became one of the largest internet providers in the UK with over 5 million customers. However, since the £18bn merger, customers have seen a hike in prices and a legal loophole that means Virgin Media’s millions of pounds in profits are not taxed and reinvested in vital public services we all depend on.
The CEO of Liberty Global is third-highest paid CEO on Wall Street. If matters couldn’t get any worse, a loophole in the buyout allows Virgin Media to pay no taxes in the UK and Liberty Global set up a captive in Malta, funneling profits into this tax haven.
As customers and investors we have put pressure on corporations granting massive salaries to CEOs but not paying taxes, unfairly treating their workers and raising consumer prices. We have:
In the US, called on large mutual funds to vote against millions of pounds in executive compensation at Domino's and McDonald's, while workers earn below a living wage.
In the UK, we have called on Burberry's shareholders to vote against the £15 million pounds its CEO earns compared to it cutting jobs in the UK and moving factories to China where production is cheaper.
Out of control CEO pay comes at a cost, and its usually down to consumers, shareholders and workers to suffer the consequences for such opulence. Enough is enough.
The vote is happening on June 26th, so we don't have much time to make sure Liberty Global knows that we do not condone its massive CEO pay. This corporation needs to know it has to answer to Virgin Media customers, potential customers and shareholders.
Median CEO Pay in US Tops $10 Million, Global Research, May 29th 2014
Virgin Media buyout creates £18bn company with no tax to pay, The Guardian, February 6th 2013