date: 23 January 2012
embargo: For immediate release
Commenting today (Monday) on the government's proposals to reform executive pay, TUC General Secretary Brendan Barber said:
'Through its many consultations and speeches, the government has made a compelling case for radical reform of executive pay. It's very disappointing then to see that ministers have spectacularly failed to make any significant changes to the status quo.
'Whilst the Business Secretary has announced a few welcome tinkers to the current boardroom pay regime, he has shied away from the big decisions on all of the major proposed reforms, from worker representation to company pay ratios and open advertising for posts on remuneration committees.
'Over-paid and under-performing directors concerned about greater public scrutiny of their pay and bonus arrangements can rest easy tonight.
'Any hopes of reversing the damaging and growing pay divide between top executives and the rest of their workforce have faded after today's announcement.'
NOTES TO EDITORS:
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Issued: 23 January, 2012