By Vittorio Hernandez

London, England, United Kingdom

British Business Secretary Vince Cable unveiled on Monday plans to provide employees and company shareholders more say on boardroom pay.

To further boost the drive to curb excessive boardroom compensation, Cable said directors of firms listed in the London Stock Exchange would be mandated to declare in a document the total value of their salary, pension, share schemes and bonuses.

Cable said that part of the aim of the new plan is to ensure that executives are not rewarded for failure while share prices are flattened.

The secretary said that while the government is not moving into state control of pay, the coalition is pushing for responsible capitalism. Other measures to curb rising executive compensation would include requiring firms to spell out their criteria in determining pay and perks and placing worker representatives on remuneration committees.

Current regulations allow the committees to set aside stockholder votes on executive pay. Cable added he is also considering naming union members to be part of the committee.

Cable disclosed that executive pay zoomed more than 400 percent in the last 10 years while share prices and employee basic pay remained frozen. He said the tighter rules would not necessarily lead to a decrease in executive pay, but reward success rather than failure..


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UK Official Favors More Worker Say on Boardroom Pay | Global Viewpoint