The re-u-turn of Theresa Maybe-not: Crackdown on boardroom abuses is watered-down instead
Liar, liar: Theresa May said she’d offer workers more representation on
company boards as a bribe to get voters to support her in the general election. Now she has ditched that promise – for a second time [Image: Daily Mirror.]
Anybody who voted for her in the belief that she meant it – this time – must be kicking themselves.
And she won’t be legislating to give shareholders power to veto excessive pay rises for company executives.
This means fat-cat business executives can continue abusing their workers by taking huge pay rises while leaving employees to labour in relative poverty.
The decision to water down the government’s legislation on boardrooms has been attributed to pressure from Philip Hammond, but who can say whether this is true or not? Hammond was in danger of losing his job as Chancellor in the run-up to the general election and this could be an attempt to smear him again.
Either way, who cares? The members of the Conservative cabinet are all as bad as each other.
And they are all determined to allow corporate corruption to continue.
Labour has it right. A spokesman was quoted as saying: ““Yet more words and no action from May. Fat cats, rip off bosses, tax dodgers and billionaire bankers – the whole rigged system – support the Tories because the Tories support them.”
True. And that’s why the corruption will continue.
Theresa May has confirmed she will not implement tough measures to crackdown on excessive executive pay.
The Prime Minister said that bosses who milked their companies had become the “unacceptable face of capitalism” as she announced a package of measures designed to show her party is prepared to tackle boardroom irresponsibility.
But they will fall short of previously floated plans to give workers representation in the boardroom and shareholders more significant votes on bosses’ pay.
said the Government reforms would include measures to ensure workers’ voices were “properly heard in the boardroom”, but made clear listed companies would choose for themselves whether to do this by having an employee advisory panel, a dedicated board member or an employee representative on their board.
A new public register will also be established by the end of this year, listing companies which have faced shareholder revolts over salaries and bonuses, she said.
The register will enable potential investors to identify firms where existing shareholders do not feel that bosses’ rewards are justified.
Read more: Theresa May opts for weaker package of measures on excessive boardroom pay
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