UK inquiry into âalienâ corporate pay
Monday 25 October 2010 - by Andrew Hickley
The UK government is to launch an inquiry into the remuneration levels of âalienâ company chief executives, whose salaries and bonuses âoccupy a different galaxyâ, according to the countryâs business secretary.
âWe want to ask whether shareholders are being told enough about the basis on which managers are paid, and whether they should have a binding vote on practices that may be against their interests,â he continued.
The investigation will focus on pay levels, corporate governance and takeovers, he said.
Cable also criticised short-termism in banking, suggesting that the short-term approach had proven itself to produce shocking results.
He also recalled the mantra of late Lloyds Bank chairman, Sir Brian Pitman, who said that a bank âshould be run for its shareholdersâ.
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