We must still reward success, says Cridland
CBI director-general tells Evening Standard that politicians’ ‘anti-business rhetoric’ has increased as public frustration with the state of the economy has grown
Politicians are using “anti-business rhetoric” to chime with public frustration at the state of the economy – and large bonuses are justified if they are earned by excellent performance, the CBI director-general has told the Evening Standard.
More from the CBI on executive pay
Read the full Evening Standard interview
Video: Watch John Cridland on bonuses on CNBC
John Cridland reinforced his message that rewards should be given only where they are justified - comparing high-performing directors to top footballers.
"The whole football team knows that their performance requires one or two star players, and I think it's the same with a board of directors," he said. "That is why some payments will be high but they should only be high if they are for the equivalent of a goalscorer in the Premier League."
Mr Cridland went on to identify politicians as contributing to the recent negative publicity around business.
He added: "The anti-business rhetoric that we saw in the autumn at the three party conferences has increased since. I don't think it's an accident that it has increased as public nervousness at the state of the economy has increased. As people feel understandably worried about our economic prospects, politicians are looking for some way to characterise that frustration.”
The CBI chief also used the interview, published in today’s Evening Standard, to give his view on the relationship between the CBI and the government (“It’s a working partnership”); the state of the economy (“There are just the beginnings of a sign that confidence may be rebuilding and exporters in particular may be feeling slightly better”); and the education system (“The lack of value added for underperforming 11-year-olds up to the age of 16 is a national scandal”).