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PM to give shareholders powers to block excessive pay

Prime Minister Theresa May is readying a plan to give shareholders legal rights to block excessive pay packages, as part of her strategy to create an economy that “works for everyone” rather than the “privileged few”.

A white paper on corporate governance is due in the next few weeks, which will include measures that force companies to respond to protest votes from investors relating to executive pay, reported The Sunday Times. Currently the votes are advisory and can be ignored.

The new plans would force firms to re-examine packages and hold a second shareholder meeting if an executive bonus package, pension payment or long-term incentive scheme fails to pass muster, the newspaper said.

 

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