What Bob Piper said. I really think the labour movement ought to consider a push for employee directors. An employee rep on a remuneration committee would surely finally get companies to pay some real attention to the widely ignored bit in the Combined Code about being sensitive to pay and conditions across the company when setting directors' pay. The idea has also been picked up by the Treasury select committee recently. The important thing would be to ensure that they were properly supported in their position, which would require unions (or someone else) to devote a bit of resource to training etc.
A few years ago this would have been seen by many in the bit of the world I inhabit as very radical. But given the governance failures we've witnessed the mainstream consensus looks rather lacking, so why not?