Up Rayner's sleeve
CLOSER, even, to a City man's heart than his wallet is his shirt. Lord Rayner, the chairman of Marks & Spencer, is causing agitations in both. He has brought to the corner of Leadenhall Market an ex- perimental branch, clearly based on Brooks Brothers — outfitters to the better element in America, and now owned by Marks. On Wall Street, the Brooks Brothers shirt is uniform, though its button-down collar is now optional. In the City, there is some way to go. Reported sightings of penguins and chimpanzees confirm that Marks must learn from Brooks to offer its shirts with a choice of sleeve-lengths. This is no time for Lord Rayner to ruffle the City. Next week he presides over Marks' annual general meet- ing, and should expect to face questions about the leap in his salary: it has gone up from £424,401 a year to £619,961 — excluding pension contributions. March next year brings Lord Rayner's 65th birth- day. Can it be that he is planning to retire? Does his pay rise affect his pension? Will it be linked to his final salary, or to an average which will include his final salary? If his prospective pension has been in- creased, how much more will it cost? How will that increased cost be borne? Should he not encourage Marks to set an example to other big companies — whose senior men so often seem to get hugely increased salaries in the twilight of their careers — and to volunteer the facts? Mrs Thatcher when she came to power brought in Lord Rayner, to great effect, as her chief adviser on improving efficiency and eliminating waste in government. I wish he could now be brought in to do the same job on the equally shadowy and dimly accountable world of pensions. I would forgive him the shirts.
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