A tweak to the Companies Act could be used to make further disclosures on remuneration mandatory for example. I doubt it would have much impact in practice, but it does demonstrate that there are things that could be done which would be direct government intervention, and tougher than the FSA's stance so far.
And in today's Telegraph:
The Companies Act is expected to be used to force banks and financial services companies to disclose pay information relating to their high earners, irrespective of whether they sit on a company's board.
3 comments:
Nice one, Tom. Let's hope more of your blog posts become a reality.
Lucky guess really. Though if you want to ensure that that there is better disclosure of remuneration then the Companies Act is an obvious place to start.
And I can't see how this won't be implemented - no one could oppose disclosure of information across the board. Sure there will be the usual cries that the sky will fall in, but in negotiating terms there are more contentious proposals for which the other side will be willing to concede greater openness.
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