May’s exec pay proposals even weaker than expected: Cable
Liberal Democrat leader Vince Cable has said that the government’s announcement on executive pay was even weaker than feared.
Vince Cable, who as Business Secretary introduced reforms such as a binding vote on executive pay policy for shareholders, said:
“The register of executive pay doesn’t take us much further forward as this information is already publicly available via a quick internet search.
“There is no mention of making shareholder votes on executive pay more regular, as the Conservatives promised.
“Instead of making it obligatory to put workers on boards as the government announced amid much fanfare, companies will be able to appoint a non-executive director who in some unspecified way will represent workers.
“Finally, the new corporate governance code for large private companies - such as BHS - is voluntary and therefore likely to have little effect.
“The overblown rhetoric from Theresa May is completely at odds with the weakness of the new rules.”