Accenture's wage bill in the billions
Management consultancy group Accenture paid 2,500 partners an average annual salary of $1m (£694,000) each in 2000, according to weekend news reports.
According toSunday Business,the group, which is to list on the New York Stock Exchange in July, is expected to publish this information in its prospectus due out in mid-June, where it will also show that senior partners earned between $3m and $4m a year.
However, according to the Sunday paper, only 1,000 of the 2,500 will continue to earn $1m annually next year. The consultancy plans to introduce significant pay cuts, following the IPO, with some partners losing as much as 50% of their salary.
Partners taking pay cuts will be rewarded by a more generous bonus scheme, which from next year will be performance related. A source within the firm told Sunday Business the balance between remuneration and bonuses was something partners were ‘accepting’.
The float of 20% of Accenture is scheduled for the 14 July, subject to approval by regulator, the US Securities & Exchange Commission.
Links
Accenture planning IPO for July
Accenture votes to proceed with float