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Liberal Democrats in Govt. challenge excessive pay
January 23, 2012 1:57 PM
Originally published by UK Liberal Democrats
Originally published by UK Liberal Democrats
Vince Cable MP has announced plans to curb excessive pay amongst top company bosses. Lib Dem Dr Cable, the Secretary of State for Business, said that Government shareholders will be given more powers to block excessive pay proposals and payments for failure. Companies will also be encouraged to increase diversity on their boards, and will have to justify high salaries. Details here.
The Lib Dem backbench spokesman on Business, Lorely Burt MP, commented: "This announcement shows the Liberal Democrats' commitment to tackle out of control executive pay. Liberal Democrats have no problem with people being highly paid but there should not be rewards for failure.
"This problem can only be solved by companies and their shareholders. It's not government's role to micro-manage company pay but there are things we can do to address what is a clear market failure.
"With millions of people experiencing pay freezes and uncertainty about their jobs, the right thing to do is to shine a light on the murky world of executive pay and boardroom behaviour."
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