British PM says executive pay to be put to shareholder vote
Monday, January 9, 2012
Mr Cameron said he wanted to allow shareholders to make a "straight shareholder vote on executive pay packages". Shareholders can only submit a non-binding advisory vote on executive remunerations under current law. The move comes amid growing political pressure and public criticism over excessive pay for chief executives even when a business has failed.
Details of such a scheme may be revealed with an anticipated package of reforms under the portfolio of Business Secretary Vince Cable.
The Labour Party has also called for measures to monitor and reel in exorbitant executive salaries. On Saturday, shadow business secretarysaid a "better capitalism" needs greater transparency. Mr Umanna said this could take the form of publishing pay ratios of chief executives compared to their employees.
The Liberal Democrats have pledged support for reeling in executive pay.
- British PM vows crackdown on executive pay" — , January 9, 2012. "
- Cameron promises shareholders vetos on executive pay" — , January 8, 2012. "
- Cameron backs executive pay cuts" — , January 8, 2012. "
- David Batty. "Labour urges 'responsible capitalism' in executive pay" — , January 7, 2012