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26/06/2002
New regulations to crack down on "fat cat" pay
New regulations have been announced by Trade Secretary Patricia Hewitt designed to crack down on "fat cat" pay deals in the private sector.
Under the plans shareholders will have the right to vote annually on the level of directors' salaries, and companies will have to publish details of how salaries relate to performance.
Trade Secretary Patricia Hewitt said the regulations would mean that all quoted companies would have to justify how salaries are linked to performance.
However, the four-year delay in implementing the proposals is expected to raise eyebrows among unions and other activists.
Since the current proposals were first published in October 2001, several surveys have shown that boardroom pay has risen much faster than that of ordinary workers, spurred on by the increasing use of share options.
The TUC have welcomed the move saying it would bring some more transparency to the way directors' pay is set.
(MB)
Under the plans shareholders will have the right to vote annually on the level of directors' salaries, and companies will have to publish details of how salaries relate to performance.
Trade Secretary Patricia Hewitt said the regulations would mean that all quoted companies would have to justify how salaries are linked to performance.
However, the four-year delay in implementing the proposals is expected to raise eyebrows among unions and other activists.
Since the current proposals were first published in October 2001, several surveys have shown that boardroom pay has risen much faster than that of ordinary workers, spurred on by the increasing use of share options.
The TUC have welcomed the move saying it would bring some more transparency to the way directors' pay is set.
(MB)
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11 March 2002
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04 March 2002
Top Consignia directors decline 10 per cent pay hike
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19 October 2001
Shareholders to get say on directors' pay
In a bid to strengthen the link between boardroom pay and a company’s performance, the UK government has unveiled proposals to give shareholders the right to block ‘fat-cat’ pay rises. Trade and Industry Secretary Patricia Hewitt announced on Friday that shareholders are to be given the right to an annual vote on directors' pay.
Shareholders to get say on directors' pay
In a bid to strengthen the link between boardroom pay and a company’s performance, the UK government has unveiled proposals to give shareholders the right to block ‘fat-cat’ pay rises. Trade and Industry Secretary Patricia Hewitt announced on Friday that shareholders are to be given the right to an annual vote on directors' pay.
31 October 2001
‘Fat cat’ pay continues to rise
New research by the Incomes Data Services (IDS) has revealed that despite government moves to clamp down on "fat-cat" salaries, boardroom pay continues to grow. In their survey IDS calculated that basic salaries of chief executives in FTSE 100 companies jumped by an average of 14.8 per cent in the 12 months to July.
‘Fat cat’ pay continues to rise
New research by the Incomes Data Services (IDS) has revealed that despite government moves to clamp down on "fat-cat" salaries, boardroom pay continues to grow. In their survey IDS calculated that basic salaries of chief executives in FTSE 100 companies jumped by an average of 14.8 per cent in the 12 months to July.
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