This petition was submitted during the 2010-2015 parliament
Rejected petition Give shareholders votes on individual director's pay
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After FTSE directors' 49% pay rise, the Companies Act should be amended to:
- give shareholders a binding vote on individual director’s remuneration
- strengthen guidance on remuneration committee membership in order to diversify membership
This e-petition is a response to DBIS' consultation on pay & financial reporting (close Nov 25).
In the words of MP David Davis (Con):
‘Shareholders are presented with a whole package of everybody’s remuneration, so to turn it down is effectively a no confidence vote, so it never happens. One thing the government could do is change the Companies Act and say: you must present everybody above £1m, or the top 10 of your company, to the shareholders. They would have to justify it individually and that would be very difficult indeed.
“What you are seeing is a self-serving coterie. The people who serve on remuneration committees of those companies and approve those numbers are in the same little set as the people who receive the money.”
This petition was rejected
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