BRITAIN’s biggest companies will have to justify paying bosses sky-high salaries under new rules coming into effect today.
All firms employing more than 250 staff will be forced to reveal the pay gap between their chief executive’s pay and their average UK worker.
Ministers say disclosing this pay ratio will improve transparency and accountability for workers and shareholders and combat concerns that some bosses are out of step with company performance.
Companies will start reporting on the pay ratio in 2020, which will cover chief executive and employee pay awarded in 2019.
The move comes following public and political uproar over recent pay packets for executives at companies such as Persimmon, WPP and BP.
Persimmon boss Jeff Fairburn resigned following outrage over his £75 million bonus, while shareholders revolted over the termination package for former WPP chief executive Sir Martin Sorrell.
Business Secretary Greg Clark said: “Britain has a well-deserved reputation as one of the most dependable and best places in the world to work, invest and do business, and the vast majority of our biggest companies act responsibly, with good business practices.
Mr Clark said the new regulation “will build on our reputation by increasing transparency and boosting accountability at the highest level – giving workers a stronger dialogue and voice in the boardroom and ensuring businesses are accountable for their executive pay.”
When the new rules were announced in June, TUC general secretary Frances O’Grady said publishing and justifying pay ratios was a first step, but more was needed.
“We need guaranteed places for worker representatives on boardroom pay committees. That would bring a bit of common sense and fairness to decision-making when boardroom pay packets are approved,” she said.
“The Government should put an end to phoney incentive schemes that reward executives above and beyond the actual results they get.”
Labour’s Shadow Business Secretary Rebecca Long-Bailey MP said Labour would go further than “weak Tory fudge”.
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She said: “Executive pay is running out of control. While the Conservatives’ watered-down regulations will only require large companies to publish pay bands, Labour in government will take decisive action on excessive pay.
“Labour is committed to rolling out maximum pay ratios of 20:1 in the public sector and in companies bidding for public contracts, because it cannot be right that wages at the top keep rising while everyone else’s stagnates.
“Labour will also legislate to reduce pay inequality by introducing an Excessive Pay Levy on companies with staff on very high pay. Positive action from Labour in comparison to a weak Tory fudge.”
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News Pictures Britain’s biggest companies must justify bosses’ sky-high salaries under new rules
You don’t have to pack away your bikini just because you’re the wrong side of 20. These body-beautiful stars reveal their secrets to staying in shape and prove you can smoulder in a two-piece, whatever your age. Read on and be bikini inspired!
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Hayden Panettiere
Size: 8
Age: 18
Height: 5ft 1in
Weight: 8st
To achieve her kick-ass figure, Hayden – who plays cheerleader Claire Bennet in Heroes – follows the ‘quartering’ rule. She eats only a quarter of the food on her plate, then waits 20 minutes before deciding whether she needs to eat again.
Hayden says: “I don’t have a model’s body, but I’m not one of those crazy girls who thinks that they’re fat. I’m OK with what I have.”
Nicollette says: “I don’t like diets – I see it, I eat it! I believe in eating healthily with lots of protein, vegetables and carbs to give you energy.”
kim cattrall
Size: 10-12
Age: 52
Height: 5ft 8in
Weight: 9st 4lb
SATC star Kim swears by gym sessions with Russian kettle bells (traditional cast-iron weights) and the South Beach Diet to give her the body she wants. To avoid overeating, Kim has a radical diet trick – squirting lemon juice on her leftovers – so she won’t carry on picking.
Kim says: “I am no super-thin Hollywood actress. I am built for men who like women to look like women.”
https://www.thesun.co.uk/wp-content/uploads/2019/01/NINTCHDBPICT000458987906-e1546304177202.jpg?strip=all&w=751
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