EXECUTIVE PENSIONS WILL FUEL FAT CAT FRUSTRATION
12.21.33pm BST (GMT +0100) Mon 12th May 2003
Commenting on the survey for the BBC's Today Programme that shows large pension funds for top executives, Vince Cable MP, Liberal Democrat Shadow DTI Secretary, said:
"This survey reinforces the growing anger and frustration surrounding Executive pay and benefits."
"The survey suggests that not only are some Executives getting large 'golden goodbyes' but are obtaining pension arrangements which are being denied to their own employees.
"In some cases, final salary schemes are not only closed to new entrants but also long standing employees are having entitlements cut. There are enormous holes in company pension schemes generally that need to be filled."
"There is a growing recognition that we need an independent check on Executive pay and benefits, including pensions. Shareholder power is the answer, the power of veto as well as the power of vote."
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