TUC slams “feeble” Tory corporate government reform

TUC logoThe TUC has described as “feeble” the government’s package for corporate governance reform.
Theresa May before the General Election vowed to crack down on executive pay, pledging in the Conservative manifesto that shareholders would be able to vote on pay levels. But today she stands accused of watering down these proposals after announcing companies will have to reveal how much more their chief executives are paid compared with the average employee.
TUC general secretary Frances O’Grady said: “This is a far cry from Theresa May’s promise to crackdown on corporate excess. It’s a feeble proposal, spelling business as usual for board rooms across Britain.
“The Prime Minister’s pledge to put workers on company boards has been watered down beyond all recognition. This now amounts to little more than a box-ticking exercise.
“Firms will rightly have to publish the pay gap between bosses and ordinary workers, but we are concerned that the government’s calculations will take the focus off the lowest-paid.”
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