How are we going to curb excessive pay?
Today the High Pay Commission publishes its final report, “Cheques with Balances: Why tackling high pay is in the national interest”, shows stratospheric pay increases which have seen wealth flow upwards to the top 0.1% away from average workers. It sets out a 12-point plan based on transparency, accountability and fairness to halt spiralling high pay that is creating inequalities last seen in the Victorian era.
The report’s recommendations include:
• Greater transparency in the calculation of executive pay to end the “closed shop” on pay decisions.
• Putting employees on remuneration committees, a move included in the government’s own consultation remit.
• Publishing the top 10 executive pay packages outside the boardroom.
• Forcing companies to publish a pay ratio between the highest paid executive and the company median.
• Requiring companies to reveal total pay earned by the boardroom members.
• Establishing a new national body to monitor high pay.