Cable to water down vote on executive pay
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Vince Cable, the Business Secretary, plans to water down his hardest-hitting measure to curb excessive executive pay.
Chief executives are likely to be spared an annual binding vote on their pay and bonuses, which had been proposed by Mr Cable in a paper on tackling boardroom greed. Instead, he is now planning on a vote every three years, because of fears that an annual vote would add huge amounts of bureaucracy.
Chuka Umunna, the shadow Business Secretary, said: "It is greatly disappointing that the Government is backing down on its proposal for annual binding votes on executive pay."
Mr Cable's move comes after a "shareholder spring" in which investors revolted against the pay of a slew of chief executives at companies such as Barclays and William Hill.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments