Business Secretary Vince Cable has unveiled government plans to curb executive pay and address what he described as “a clear market failing”.
- Employers having to publish a single pay figure for each individual executive as well as more informative remuneration reports and to explain the rationale behind executive salaries in relation to the wages of other employees
- Not requiring employers to publish a standardised pay ratio, but mandating that they publish more information about pay-offs
- Ensuring that shareholders would have a binding vote on executive pay and pay-offs worth more than a year’s salary
- Encouragement by ministers to increase diversity at board level.