U.K. Plans Executive Pay Curbs to Restore ‘Faith in Capitalism’
- Companies to publish ratio between CEOs and average workers
- Proposal includes staff representatives on pay committees
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The U.K. will outline plans for a crackdown on business executives’ salaries and bonuses as Prime Minister Theresa May’s government seeks to narrow the wage gap between average workers and their bosses.
The proposals, which will be published for consultation on Tuesday, will seek to set up staff scrutiny committees, force firms to publish pay ratios between chief executive officers and average employees, and give shareholders binding veto powers on executive pay, U.K. Work and Pensions Secretary Damian Green said on Sunday.