City of London Executive Pay Caps Are Hurting UK, Regulator Says
- Financial Reporting Council is reviewing proxy agencies’ role
- Government wants FRC to promote the UK’s competitiveness
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The head of Britain’s corporate governance and accounting watchdog said UK boards should push back against powerful proxy advisers that bridle at US-style pay packets, wading into the debate about whether senior executive pay is hurting the UK’s competitiveness.
“There’s no law in this country that stops chief executives being paid more,” Richard Moriarty, chief executive of the Financial Reporting Council, said in an interview.