Top wages must be explained

Published on Monday, 19 September 2011 07:22
Posted by Scott Buckler

Shareholders will have a bigger say on executive pay under plans due to be announced by the business secretary.In his keynote speech to the Lib Dem conference, Vince Cable is expected to say the system of remuneration has become "dysfunctional"

 

"People accept capitalism but they want responsible capitalism," he will say.Firms will have to set out criteria for executive pay in a bid to "call time on payouts for failure", Mr Cable will tell delegates in Birmingham later.

He is also expected to float a series of other proposals aimed at reining in multi-million pound packages.At the party conference, Mr Cable is expected to say there is "nothing wrong with generous rewards" for successful businessmen, but will criticise "appalling inequalities of income and wealth".He will unveil plans to require companies to set out the criteria used to determine pay and perks.

Source: BBC News

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