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Goodbye to the golden goodbyes… multi-million pound payouts to become a thing of the past in crackdown on executive pay

June 21st, 2012 FAKE NEWS for the Zionist agenda

By
Daily Mail Reporter


PUBLISHED:

19:00 EST, 20 June 2012

|

UPDATED:

19:01 EST, 20 June 2012

Multi-million pound ‘golden goodbye’ payments to bosses leaving a company in disgrace will become a thing of the past, the Business Secretary said yesterday.

In a crackdown on executive pay, Vince Cable singled out exit payments, dubbed ‘rewards for failure’, as an abhorrent part of Britain’s corporate excess.

Last month, Andrew Moss resigned after a controversial time at the helm of insurance giant Aviva, but will continue to receive his salary of £80,000 a month for the next year.

Vince Cable singled out exit payments, dubbed 'rewards for failure', as an abhorrent part of Britain's corporate excess

Vince Cable singled out exit payments, dubbed ‘rewards for failure’, as an abhorrent part of Britain’s corporate excess

From October 2013, all ‘golden goodbyes’ and executive pay deals will be subject to a vote by shareholders. They will be approved only if the majority agree.

There was criticism, however, that the measure had been watered down. It was initially proposed a minimum of 75 per cent of shareholders must vote ‘yes’.

Andrew Moss, former Chief Executive of Aviva, resigned after a controversial time at the help, but will continue to receive a salary of £80,000 a month

Andrew Moss, former Chief Executive of Aviva, resigned after a controversial time at the help, but will continue to receive a salary of £80,000 a month

Mr Cable said the proposals would tackle excessive pay deals in Britain’s boardrooms and represented a landmark moment in the campaign against corporate greed. Pay had got ‘out of control in a completely irrational way’.

Simon Walker, director general of the Institute of Directors, said: ‘These measures will help to rein in the trend in some large firms for rewards that simply are not justified by performance.’

One leading Liberal Democrat peer, Lord Oakeshott, said: ‘This is the
day for shareholder power to stop fat cat bosses scoffing all the
cream.’ A recent report revealed FTSE 100 bosses scooped an average pay
package of £4.8million last year while the rest of the country struggled
to make ends meet.

Tory MP Peter Bone dismissed the plans as ‘window dressing’, while Labour accused the Government of ‘an embarrassing climb-down’.

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So says a career politician with an obsessive ambition to alight the untouchable EU gravy train.

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As long as ONE share equals ONE vote.- dags, Brisbane , Australia, 21/6/2012 04:34——-NO, NO, NO,! This is what Cable does not understand. Look at any Ltd Co.plc in the UK and 5% of the shareholders own 95% of the shares. Whatever the `small` Shareholder thinks they will always be outvoted by the Institutional Shareholders which might include your pension fund. These people will ever vote for high executive pay since the `domino` effect means it trickles down to them and most fund managers dream of becoming City Traders!
The only thing that would work is One Vote for each shareholder regardless of the size of the holding. With my 1,000 Lloyds TSB shares I voted against Lloyds take over of HBOS as did most shareholders. Pointless – the funds just followed Blank Daniels recommendations and they had been conned by? The PM!. Cable will never do this – he now doubts he will get an EU job when we throw him out so he wants to keep the City sweet to keep his options open

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Before this clown starts demanding this of private companies which cost the tax payer nothing can he first stop the obscene pay outs to public sector employees who leave of their own accord yet still keep mega pensions and receive huge redundancy payments ?
If Cameron was anything that resembled a man he would have fired this utter wate of space a long time ago.

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Why must it wait until October 2013? What’s wrong with October 2012? Perhaps it’s to allow them time to dream up another scheme.

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As long as ONE share equals ONE vote.

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Is this to include Government employees too, from Local Councils, to County Councils, to Civil Servants and all ? Or is this aimed only at the private sector ?

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They’ll just change the reasons or circumstances or contractual obligations in their contracts. We all know the trough will be open as usual.

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