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Labour wants women and staff to have say on executive pay
Nicholas Cecil, Deputy Political Editor12 Jan 2012
More women should be on remuneration committees to crack down on excessive pay for company bosses, Labour said today.
Shadow business secretary Chuka Umunna also wants major shareholders to have more say in choosing non-executive directors.
He attacked the background of remuneration committee members as "homogenous" and claimed they often had "overlapping loyalties".
"Participants are drawn from a narrow class of mostly male, current or former executives," he said.
"The voice of employees is silent and shareholders vote in an advisory capacity only after the event." He backed recommendations from the High Pay Commission to reform salaries and widen recruitment of non-executive directors.
He also endorsed High Pay Commission recommendations including that:
Executive pay should be simplified to include just one performance related element.
The 10 highest salaries outside the board should be published.
Firms should publish the ratios between the highest salaries at the company and the average salary.
He also argued that retrospective moves to make shareholders' votes on top salaries binding may not properly tackle excesses.
Reader views (1)
"More women should be on remuneration committees to crack down on excessive pay for company bosses, Labour said today."
Here we go again - WHY!?
Are they now saying that women have more integrity than men? More fairness? That they are more clear minded? If not what difference does it make. Are they saying women are superior to men and so MUST be in the decision making EVERY time?
There's no reason they shouldn't be in positions where they are a part of the process - but to be specifically part of it as a necessary component?
Ridiculous ideological claptrap from this bunch of PC idiots.
- Rogan, Irving, 12/01/2012 15:59
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