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Press Release

Unite calls for greater legal powers for shareholders to curb 'greedy' boardroom pay

28 October 2011

The government needs to give shareholders stronger legal powers to curb excessive boardroom pay, Unite, the largest union in the country, said today (Friday, 28 October).

The call came as a new survey by Income Data Services revealed that directors of FTSE 100 companies had received a 49 per cent pay rise in the last year, while the average employee was enduring either pay cuts, pay freezes or pay rises below the rate of inflation.

Unite General Secretary, Len McCluskey said: 'This damning report shows just how much these pampered directors are removed from the lives of working people struggling to hold onto their jobs and paying soaring energy, food and transport costs.'

'This is an astonishing display of boardroom greed. It is exactly why people have been occupying St Paul's to protest against the behaviour of the City elite and a government which is turning a blind eye to these abuses.'

'Institutional shareholders need to exercise much greater scrutiny and control of directors' pay and bonuses.'

'The government should be strongly considering giving shareholders greater legal powers to question and curb these excessive remuneration packages.'

'Directors of top companies should not be getting these outrageous packages, especially those heading up companies that are failing to perform. It's obscene and shows that the City has learnt nothing during the financial troubles of the last four years.'

Unite backed the TUC's call for worker representation on company remuneration committees to bring a much-needed sense of reality to directors' pay.



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