BINDING SHAREHOLDER RESOLUTIONS REQUIRED TO TACKLE 'FAT CAT' EXCESS
12.14.06pm BST (GMT +0100) Mon 19th May 2003
Responding to reports that the Government has no intention of legislating on the issue of excessive executive pay, Vince Cable MP, Liberal Democrat Shadow DTI Secretary, said the Government's inactivity would only make matters worse:
"Labour is being extraordinarily feeble by not confronting the issue of grossly excessive payouts to executives who have manifestly failed."
"Without sensible proposals, the rising pressure from outraged shareholders and occupational pensioners could result in inappropriate knee jerk measures.
"The first step must be to strengthen the Government's existing commitment to shareholder power by making resolutions by shareholders on executive pay binding instead of advisory."
"In reforming the Combined Code, consideration should also be given to having employees represented on remuneration committees."
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