Responding to a recent survey on executive pay, TUC General Secretary John Monks said: “With such excessive pay packages for company directors it is becoming clear to staff that ‘there’s one rule for us and one rule for them’. Indeed, the obscene pay offs for directors leaving failing companies is more like throwing ‘good money after bad’.
“The Government was right to allow shareholder votes on directors’ pay but we want to see more disclosure to encourage restraint. Our action at Vodafone’s AGM this week is a signal of our intent to hold directors to account for their pay packages. This isn’t the politics of envy, just a drive for openness based on what makes good business sense.”
