THERESA MAY took a token swipe yesterday at fat-cat bosses receiving excessive salaries, branding them the “unacceptable face of capitalism.”
The Prime Minister made the statement as she was preparing to set out new measures to curb boardroom “excesses and irresponsibility,” which will be revealed in detail over the coming week.
She said a minority of greedy executives were undermining public confidence in the free-enterprise economy and “damaging the social fabric of our country.”
This damage could lead to increased public support for socialist policies such as government control of industry and higher taxation, she said.
Her plans include naming and shaming firms where shareholders have rebelled against excessive executive salaries and bonuses and making the voice of workers heard in the boardroom.
But companies will not be required to have an employee advisory panel or employee representation on the board of directors. This will be purely voluntary.
In the Mail on Sunday, Ms May wrote: “Too often in recent years, we have also seen another, unacceptable, face of capitalism. A minority of firms are falling short of the high standards we expect of them.
“Some have deliberately broken rules that are designed to protect their workers. Others have ignored the concerns of their shareholders by awarding pay rises to bosses that far outstrip the company’s performance.”