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Attention: industrial, business, investment and city correspondents

'gambling at the last chance casino' as UK business gets final opportunity to deal with rewards for failure

Commenting on the 'Rewards for failure' consultation document published by the DTI today (Tuesday) Brendan Barber, TUC General Secretary, said:

'UK business leaders are now gambling at the last chance casino. Unless they stop rewards for failure, and curb corporate greed they will inevitably face tough legal changes. Investors and the employees whose pension funds they manage want better tools to govern how their money is used.'

Notes to Editors:

2003 has seen an upsurge in shareholder activism, and increased trade union activity in this area. So far this season, the TUC and the employee unions have called for votes against excessive executive pay deals at Corus, Shell, Reuters, GlaxoSmithKline and HSBC. The TUC co-ordinates a 1000-strong network of pension fund trustees who cover funds worth over £260 billion.

Contacts:

Media enquiries: Ben Hurley 020 7467 1248 or 07626 317903 (pager) or email media@tuc.org.uk

Press release (200 words) issued 3 Jun 2003