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Bid to curb pay executive 'failing'
3:29pm Monday 2nd June 2014 in Business
GOVERNMENT moves to halt runaway growth in executive pay have had little impact, a study has warned.
The High Pay Centre think tank showed no company in the FTSE100 had seen a majority of shareholders oppose pay for chief executives in the last few months of 2013.
There have been a number of shareholder revolts against pay rates for executives since the coalition required companies to publish more information, while ministers have spoken out about the need for restraint.
But the High Pay Centre found the average pay for chief executives in 67 companies studied was £4.5m last year.
Deborah Hargreaves, the centre's director, said: "These figures show the new regulations are not enough to bring top pay back to a sensible and fair level.
"Over the past 15 years, pay for a FTSE100 chief executive has gone from being 60 times the average UK worker to 160 times, without any justification.
"All workers should share in a company's success.
"Our economy cannot succeed in the long-term if a tiny group at the top pull further and further away from everybody else."
TUC general secretary Frances O'Grady added: "For all the tough talk on curbing fat cat excess, the Government's policies are simply too weak.
"This failure to stop rising inequality could lead to another economic crisis."