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You are here: News front page > Cable to boost shareholder power


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Cable to boost shareholder power

Cable to boost shareholder power
Vince Cable has unveiled a raft of measures to combat excess executive pay, including binding votes for shareholders and a 'clawback' of salaries of failed bosses.

In a surprise move, the Business Secretary told MPs one day earlier than expected that the Government will require firms to provide a single figure for each director's pay.

Dr Cable admitted is was "not the Government's role" to micro-manage company pay but there were steps that could be taken to tackle the "clear market failure".

Setting out the measures, he said: "First [we want to see] greater transparency so that what people are paid is clear and easily understood. More shareholder powers, such as the introduction of binding votes so they can hold companies to account. More diverse boards and remuneration committees, and best practice led by business and investor community."

Labour’s Chuka Umunna welcomed the Business Secretary’s statement but said it was "quite extraordinary" for Ministers to demand greater transparency from executives.
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