Arab Today, arab today british pm vows crackdown on executive pay
Last Updated : GMT 04:58:41
Arab Today, arab today
Arab Today, arab today

British PM vows crackdown on executive pay

Arab Today, arab today

Arab Today, arab today British PM vows crackdown on executive pay

London - AFP

British Prime Minister David Cameron has vowed to give shareholders the right to veto executives' pay packages, amid mounting political pressure and public anger over huge salaries and bonuses. With Britons bracing for a tough year amid a gloomy economic outlook and the politically charged bank bonus season approaching, Cameron took a tough line on sky-high salaries in a Sunday newspaper interview. He called for the end of the "merry-go-round", where highly-paid bosses sit on each other's boards and approve pay awards. "The market for top people isn't working, it needs to be sorted out," he told The Sunday Telegraph. "Let's empower the shareholders by having a straight, shareholder vote on top paid packages." The comments came amid growing political pressure for the government to prove it is serious about tackling so-called "fat cat" pay, with repeated calls from the opposition Labour party leader for action. Despite repeated controversies over bosses being handed huge payoffs even in cases where companies have failed, currently shareholders can only express their disapproval through an advisory vote. No details have been agreed on how the new arrangements would work, but they could form part of reforms being worked on by business minister Vince Cable, which would require legislation. He is due to publish results of a wide-ranging consultation this month. Bosses' pay has been particularly sensitive in Britain since the 2008 financial crisis, when top bankers left jobs with enormous payoffs despite their institutions taking the blame for wrecking the global economy. Labour has put forward a package of its own proposals to curb executive salaries, such as a place for employees on remuneration boards and publishing a league table of how much more bosses earn than employees. In an interview published Saturday, Labour leader Ed Miliband scorned Cameron's stance on executive pay. "If one of the big battlegrounds of British politics is going to be who is really going to take action on executive pay, I say 'bring it on'," he said. "Does anyone really believe that David Cameron came into politics to create more responsible capitalism? The public are not going to buy it." But Cameron insisted in Sunday's interview that he was determined to take on bosses who seemed to care only about feathering their own nests. "We've got to deal with the merry-go-round where there's too many cases of remuneration committee members sitting on each other's boards, patting each other's backs, and handing out each other's pay rises," he said. "I think we need to get to grips with that." He added people needed a sense that "we have a vision at the end of this, of a fairer, better economy, a fairer, better society, where if you work hard and do the right thing you get rewarded." The Conservatives' junior coalition partners, the Liberal Democrats, have also spoken out in favour of curbing executive pay.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today british pm vows crackdown on executive pay Arab Today, arab today british pm vows crackdown on executive pay

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today 17.4m tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4m tourists visit UAE in 2016
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday