WIREDGOV

Commenting on the publication recently (Friday) of a Big Innovation Centre report backed by company bosses, which opposes government proposals on pay ratios and annual binding shareholder votes to rein in excess boardroom pay, TUC General Secretary Frances O’Grady said:

“Once again bosses in the boardroom think they can get away with things that ordinary people can’t.

“Theresa May must stand up to elites who don’t live in the real world of pay freezes and economic uncertainty, and do what’s right for everyone who works hard. And she must keep her promise to mandate worker representation on company boards, so that working people get a say on executive pay.”

Notes to Editors:

• The TUC supports annual binding shareholder votes on remuneration and the introduction of the mandatory disclosure of the pay ratios between company directors and their workforce. While such ratios would need to be used with care, particularly in relation to differences between sectors, the TUC believes they will play a valuable role in focussing the attention of remuneration committees and the corporate sector on the need for fair pay across the whole of the company so that those on the lowest wages get a fair share from the profits they help make.
• All TUC press releases can be found at tuc.org.uk/media
• TUC Press Office on Twitter: @tucnews