With executive pay at Britain's rising 50 per cent, the government may legislate to curb irresponsible pay in the private sector.
The deputy prime minister Nick Clegg said: "I will 'get tough' on excessive boardroom pay"
The government will publish new proposals to "get tough" on excessive pay in January, the deputy prime minister said. Shareholders were too often given a "blizzard of information" about pay, and had their opinions ignored, Mr Clegg added. "Shareholders should be given a proper say. They own the companies after all," he added.
On the other hand, the Bank of England is also preparing a crackdown on excessive banking pay, that could bring an end to the City's bonus culture.
The deputy prime minister Nick Clegg said: "I will 'get tough' on excessive boardroom pay"
Recent figures showed executive pay at Britain's biggest firms rose 50 per cent in the last year, taking the average pay for a FTSE 100 director to just short of £2.7m. Nick Clegg said: These are a "real slap in the face" for workers, many of whom are enduring a pay freeze. Mr Clegg told the BBC. He said there must be greater transparency in pay awards.
The government will publish new proposals to "get tough" on excessive pay in January, the deputy prime minister said. Shareholders were too often given a "blizzard of information" about pay, and had their opinions ignored, Mr Clegg added. "Shareholders should be given a proper say. They own the companies after all," he added.
On the other hand, the Bank of England is also preparing a crackdown on excessive banking pay, that could bring an end to the City's bonus culture.
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