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CBI urges pay restraint to curb public hostility


By Jean Eaglesham, Chief Political Correspondent

Published: October 23 2009 03:00 | Last updated: October 23 2009 03:00


The CBI yesterday issued a stark warning about the escalating level of executive pay, which it cited as a key factor in the “severe knock” business had suffered to its reputation in the recession.

The recommendation follows signs of increasing investor unrest over very high boardroom pay awards. Royal Dutch Shell last month unveiled a big boardroom shake-up designed to placate its biggest investors, after 59 per cent of shareholders in May voted against its remuneration report. The revolt was one of a number of protests against board decisions to pay directors bonuses, despite companies failing to meet performance targets.

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