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Cable comments on CBI’s response to discussion paper on executive remuneration

Cable comments on CBI’s response to discussion paper on executive remuneration

News Release issued by the COI News Distribution Service on 30 November 2011

Welcoming the CBI’s response to the discussion paper on executive remuneration, the Business Secretary, Vince Cable said:

“The CBI is reflecting the views of growing numbers in the business community who agree that executives should be rewarded for contributing to the success of their company, but that extravagant rewards for failure need to stop.

‪"Their support for measures such as increased transparency, clawback mechanisms to prevent payments for failure, and reform of the make-up of remuneration committees is welcome.

‪"I am grateful to the CBI for their leadership in this debate, putting it on the side of 'responsible capitalism'. I hope they will now work with their members to promote the changes we need to see.

‪"The Government is currently considering all the responses we've received and we will announce the next steps early next year."

Notes to editors

1. CBI response to government discussion paper on executive remuneration Nov 2011.pdf (416KB)

2. BIS's online newsroom contains the latest press notices, speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom for more information.

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