Is the era of the ‘fat cat’ coming to an end? This is the question that the UK is starting to ask itself as a shocking report, paradoxically presented by some of the City’s biggest leaders, criticizes the exceptionally high pay business leaders are receiving. A particularly stinging report at a time when several shareholders have, over recent weeks, voted against CEOs’ excessive pay packages.
“The current approach to executive pay in UK listed companies is not fit for purpose and has resulted in a poor of alignment of interests between executives, shareholders and the company.” This was the severe opinion given by Nigel Wilson, Legal & General chief executive and Chairman of the Executive Remuneration Working Group that drafted the report over pay packages for top bosses which has rocked the city and hold that remuneration for Britain’s big bosses needs to be completely overhauled.
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