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MAKE SHAREHOLDER VOTES ON PAY BINDING - CABLE
2.17.34pm BST (GMT +0100) Tue 3rd Jun 2003
The Government must capitalise on the current shareholder activism by making votes on senior executive salaries binding, Vince Cable MP, Liberal Democrat Shadow Trade and Industry Secretary, said today.
Vince Cable MP said: "The Government must heed the clear consensus from many groups that action needs to be taken to curb the excesses of senior executive pay packages. Consultation alone is not enough."
"The underlying cause for the excessive pay deals is that they are not set within a competitive market but set by other fat cats sitting on a remuneration committee.
"The way forward is not through consultation documents but by capitalising on the current shareholder activism by making votes on executive salaries binding. Institutional shareholders' voting records must be published and remuneration committees should consider the appointment of an employee representative."
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