The TUC welcomes this opportunity to respond to the BIS Executive Pay shareholder voting rights consultation.
This consultation comes at a time when average pay increases for workers in the private sector have been running significantly behind inflation, leading to substantial pay cuts in real terms. In the public sector, workers have been subject to a two-year pay freeze, with pay rises for the next two years capped at 1%, constituting a 13% real terms decrease over this Parliament. With inflation continuing to outstrip pay settlement, the TUC expects to see wages falling in real terms across the economy during 2012 for a third consecutive year.
Download Executive Pay Shareholder Voting Rights - TUC Response [PDF]