ABSTRACT
The Badr El Din Petroleum Company (BAPETCo) Chairman that the Minister appointed introduced a remarkable change to the remuneration system of the company, which in a short period of time transformed the atmosphere within the company and its performance. As Chairman of the remuneration committee of HSBC he was sometimes asked by shareholders how we rewarded ethical behaviour. Hermes, which represents a group of large shareholders, has also worked with the National Association of Pension Funds (NAPF) to develop new guidelines for remuneration. What such a system only partly addresses is the challenge of the inflated quantum of remuneration and the wealth gaps in society. The attitude of society to inequality arising from wealth of different forms is interesting. Old wealth of this kind generally keeps its head down, with the exception of certain individuals such as Paris Hilton, whose anatomical exposure is not limited to heads. These are people who run and administer companies owned by other investors.
