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24/01/2012
Cable Calls For Executive Pay Curb
The Business Secretary Vince Cable has unveiled plans to limit executive pay during a speech on Monday evening.
Under new proposals, shareholders will be given more powers to block excessive pay packages and companies will be encouraged to increase diversity on their boards.
Firms will also have to justify high salaries in their remuneration reports.
Chuka Umunna, Labour's Shadow Business Secretary, welcomed the announcement, but said the proposals did not go far enough.
"People in business and society want to see greater transparency, accountability and fairness in executive pay, but the measures fall far short of the tests we have set in these areas.
"Ministers talk about greater employee engagement but have refused to back Labour’s call for an employee representative on the remuneration committees of company boards which determine pay, something which happens in Germany, Europe’s most successful economy, and which one of our leading businesses John Lewis already practices."
The proposals had been due on Tuesday, but were brought forward following an intervention by Labour, who say they do not go far enough.
Mr Cable said a consultation on the issue had revealed there was "a disconnect between top pay and company performance".
(DW)
Under new proposals, shareholders will be given more powers to block excessive pay packages and companies will be encouraged to increase diversity on their boards.
Firms will also have to justify high salaries in their remuneration reports.
Chuka Umunna, Labour's Shadow Business Secretary, welcomed the announcement, but said the proposals did not go far enough.
"People in business and society want to see greater transparency, accountability and fairness in executive pay, but the measures fall far short of the tests we have set in these areas.
"Ministers talk about greater employee engagement but have refused to back Labour’s call for an employee representative on the remuneration committees of company boards which determine pay, something which happens in Germany, Europe’s most successful economy, and which one of our leading businesses John Lewis already practices."
The proposals had been due on Tuesday, but were brought forward following an intervention by Labour, who say they do not go far enough.
Mr Cable said a consultation on the issue had revealed there was "a disconnect between top pay and company performance".
(DW)
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