Cable in pay crackdown

Marion Dakers
BUSINESS secretary Vince Cable is to launch a fresh assault on executive pay next month, after spending the summer plotting how best to crack down on director remuneration.

One of the measures under discussion is forcing public companies to reveal earnings of their best-paid executives, along the lines of the rules imposed on the banking sector under the Project Merlin agreement.

The department for Business, Innovation and Skills has spoken with remuneration committees and investor relations groups in recent months to find a way to address director pay packages that Cable has said are “completely out of line with shareholder value”.

BIS has not yet signed off any final proposals, but it is thought that more details will be announced in time for party conference season in the autumn.