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MPs announce crackdown on Britain's top paid bosses

by LLB Reporter
16th Sep 16 11:45 am

Fat cats under fire

MPs have announced a crackdown on top bosses with excessive pay.

The Business, Innovation and Skills Select Committee chair Iain Wright said the government now wants to focus on “the issue of ever growing pay increases to executives”.

The news comes as BP, WPP and Smith and Nephew saw their shareholders revolting against boardroom pay.

Back in In April, almost two-thirds (59 per cent) of BP shareholders voted against a 20 per cent pay rise for chief executive Bob Dudley, worth £14m.

Wright said: “We on the committee are also keen to explore the issue of ever growing pay increases to executives, especially when there often seems to be very little connection with company performance or any pay rises to the vast majority of employees.

“While there has been some recent shareholder actions against these ever larger pay packages, can we have any confidence that the current framework for controlling pay is working?

“As a committee, we will want to look at whether executive pay should take account of companies’ long-term performance and whether the government should intervene further to control executive pay”.

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