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Thursday, May 10, 2012

Vince works to reduce executive pay

The Telegraph reports that fund managers from companies including Aviva and BlackRock held discussions with the Business Secretary, who has suggested that company pay policies should be backed by up to 75pc of shareholders.

The paper says that Glencore, Standard Chartered and Unilever were among the FTSE 100 groups to hold investor meetings. Shareholder revolts have already claimed the scalps of three blue-chip chief executives, including Aviva's Andrew Moss earlier this week.

The Queen's speech contained a commitment to make shareholder votes on remuneration binding. Clearly the government is moving to contain the excesses that have characterised big companies in the private sector in the past.
The Telegraph also asks why was there no plan for growth in the Queens Speech? Funny that you missed that.
Presumably because you cannot legislate for growth. Certainly that was what Labour in Wales said when they published their legislative statement.
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