Last Monday Lucy Kellaway in the FT did a provocative column criticising governor of the bank of England for not taking his pay rise.

He’s made a mistake said Lucy. Capitalism is all about money, not self-denial.

Hence my response.

I’ve had a number of comments.

One top governance consultant and former Company secretary said to me:

“the fact remains that corporate top teams are moving onto another planet on remuneration.  The structure is becoming unsustainable except that some way will be found to keep the one-way ratchet turning.”

Here’s what Neil Shellito Director, SG Wealth Management Ltd., said in reply:

I didn’t see Lucy Kellaway’s original article, but to your response I can only say ‘hear hear’. I have become increasingly dismayed in recent years by the greed and avarice of some politicians and senior industry figures who in addition to almost drowning in the trough, quite obviously have lost any sense of self-sacrifice and service in the interests of their constituents or employees and shareholders, which makes your views so refreshing.

Our company is now in its eighth year of trading and I’m confident that the danger of us going under is now behind us. Yes, it’s rather nice to be reaping some of the rewards at long last and personal financial security is very important, but what really gives me a kick each day is looking at what we have created, how it’s grown and the opportunity we have given to all our employees.

Meanwhile another friend who is a governance expert with a major pension fund said:

I thought you made some very valid points about the tension between, on the one hand, setting remuneration at a level which incentivises and rewards entrepreneurship and risk-taking, and thus allows for the creation of value for shareholders (and by extension society at large) and, on the other hand, managing the excess which is displayed in the remuneration packages for some directors of public corporations. I am encouraged that executive remuneration is becoming more a part of the public debate about capitalism and the role of business in today's society, and less seen as a microcosm of the corporate governance discipline and I think your letter further contributed to this.

Perhaps Tomorrow’s Company should develop a debate on remuneration. How do we square the demands of a global market for talent with the widespread revulsion at the greed and excess?

Is it good enough to go on saying that if it’s good enough for footballers …etc.

Anyway as an Arsenal fan who believes in the old idea of loyalty I’m getting fed up with what is emerging as the Ronaldo/Adebayor school of negotiation.

Why can’t players at least honour their contracts and not get their agents agitating after only a year?!

I suppose the difference is that directors of companies can have a remuneration survey to reinforce their argument that they are not in the top quartile: perhaps footballers should demand all clubs hire remuneration consultants to ensure their player stay in the top quartile and then they wouldn’t have to pay so much to agents and then clubs could pay them less but still leave them better off!

But that’s for another blog!