A survey among German top managers revealed surprising facts: More than half of respondents (57%) are in favour of a draft by the German government for a new law which would limit the salaries of executive managers of banks in trouble to 500,000 Euros annually. Only one quarter of interviewees rejects such a limitation as senseless. However, it turned out that acceptance of such a limitation lessens to the same extent as the salaries of managers interviewed increase. Furthermore, almost all respondents are against extending such a salary limitation to other economic sectors.
The survey was carried out in the course of the 17th LAB manager panel by the international LAB Lachner Aden Beyer & Company personnel consulting firm for which more than 1,300 German executive managers were interviewed, more than 200 of which from the first and second top management levels.
According to the managing director of LAB, Mr. Klaus Aden, even though such an overwhelming acceptance of limited top manager salaries is surprising, it should be interpreted as indignation about top level bankers. This is underlined by the fact that just 14% of executives are in favour of introducing such a salary limit for other sectors of the economy as well.
The findings of the LAB manager panels are available for download. 