TIME FOR ACTION ON FAT CATS - CABLE
12.00.00am BST (GMT +0100) Mon 2nd Jun 2003
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Dr. Vincent Cable MP, Lib Dem Shadow Secretary of State for Trade and Industry
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Ahead of the release of a consultation document entitled "Reward for Failure" on excessive executive pay, Vincent Cable MP - Liberal Democrat Trade & Industry Shadow Secretary - called for the Government to stop dithering and deal with massive payouts for manifest failure.
Vince Cable MP, said: "The Government has been far too slow to act on this issue. As yet another reporting season passes by, so we have another consultation."
"Even following the revolt at GlaxoSmithKline last month, shareholders did not vote down the remuneration package as was widely reported. The vote - as damning as it was - is nothing more than a consultative measure."
"Whilst shareholder votes may be persuasive, they are not binding."
"There is a clear consensus for action coming from many parties including the CBI and the TUC that shareholder power is the way to tackle these excesses. "
"The Government should immediately strengthen the existing legal framework by making shareholder votes binding; on top of this, institutional shareholders' voting records must be published and remuneration committees should consider the appointment of an employee representative.
"There has already been an enormous amount of public discussion. Its now time for action."
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