Theresa May has been warned off plans to reform executive pay by leading figures from the world of economics and business, days after she abandoned a proposal to put workers on company boards. Instead, they recommend that companies introduce a binding vote only after 25% of shareholders vote against the pay report two years in a row. While the Big Innovation Centre’s report, the first of a series, rejected pay ratios and binding votes, it made a series of recommendations to tackle excess pay. “Executive pay is a matter of profound and legitimate public interest,” said Bank of England chief economist Andy Haldane, who was paid £195,000 by the Bank last year. The DIY firm’s chief executive was paid less than a quarter of the £8.6m that predecessor Ian Cheshire earned in 2012, when his package was inflated by a share award.

Source: The Guardian November 25, 2016 11:03 UTC