Time to act on proposals to curb executive pay – Newby

November 22, 2011 11:41 AM

Commenting on the High Pay Commission's report on executive pay, High Pay Commissioner and Co-Chair of the Liberal Democrat Parliamentary Treasury Committee, Lord (Dick) Newby said:

"The excessive rises in executive pay are clearly unfair. They bear little or no relation to improvements in long-term company performance. This is particularly corrosive at a time when millions of workers are feeling the pinch.

"This report underlines the urgency of the work that Lib Dem Business Secretary Vince Cable is doing to bring rewards back into line with performance.

"As a Liberal Democrat, my overriding priority is to stop top pay spiralling to ever higher levels and to reduce the often obscene differential between top pay and the salaries of the vast majority of employees.

"It is crucial that the proposals are now adopted by the Government without delay."