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U.K. May Make Bosses Reveal All Pay Details, Sunday Times Says

Jan. 8 (Bloomberg) -- The U.K. government is preparing measures to force chief executive officers at listed companies to reveal complete details of their pay packages and to say how much more they earn than their employees, the Sunday Times said.

Bosses will have to provide a single pay figure including salary, share grants, retirement provisions and other perks, under the proposals which Business Secretary Vince Cable will reveal to representatives of the U.K.’s financial industry in a week’s time before announcing them at the end of the month, according to the Sunday Times.

Companies will also have to detail the difference between their chief executive’s remuneration and that of their average worker, the newspaper said, without saying where it obtained the information. Other measures may give shareholders a binding vote on executive pay and make companies reveal the percentage of profits paid to directors.

To contact the reporter on this story: Jason Webb in London at jwebb25@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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