Tim Holley, chief executive of Camelot, gives a spirited defence of his directors’ pay in the Lottery operator’s Annual Review for 1998. Readers will recall how Marketing Week broke the story of the 40 per cent rises enjoyed by Camelot directors back in May 1997, and the ensuing furore.
“We pay our people market rates,” the chief fat cat declares. “Many of our directors came from secure jobs to join what was, at the time, a risky venture,” he purrs.
Indeed, little did they envisage the risks of their financial results – complete with directors’ pay schedule – being leaked, or the carpeting they would receive from Minister for Scratchcards Chris Smith.
Nor could they possibly have foreseen the risks associated with one of their number trying to bribe Richard Branson into dropping his own lottery bid. And how could they have predicted what a gamble they were taking in working for a private company running a state monopoly?
In the light of this, perhaps the directors should receive even greater remuneration. The Diary would like to set up a benevolent fund for these brave risk-takers. Donations to the Rotund Feline Defence League.