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Customers of Britain's biggest companies could be given a vote on the pay of their top executives under plans being considered by Labour to clamp down on boardroom excesses.
A report commissioned by shadow business secretary Rebecca Long-Bailey and shadow chancellor John McDonnell has recommended the remuneration of executives at 7,000 large companies should be subject to an annual binding vote.
Stakeholders - Business - Consumers - Employees - Shareholders
It says that stakeholders in the business - including consumers and employees as well as shareholders - should be given a say in determining their pay packages.
The report also proposes that all companies that have more than 250 employees would have to reveal the names of those paid more than £150,000 a year, according to The Guardian.
Jeremy - Corbyn - Party - Findings - Report
Jeremy Corbyn's party said that it would 'look closely' at the findings of the report drawn up by a team led by Prem Sikka, professor of accountancy and finance at Sheffield University.
Mr McDonnell said: 'The scale of bonuses and the opaque way they are paid should be a source of shame to those running our economy.
Government - Interest - Causes - Inequality - Society
'The Government have shown no interest in tackling the causes of inequality in our society and we are grateful to Professor Sikka and his team for shining a light on the problem.'
In other recommendations, the report calls for:
Executive - Pay - Contracts - Companies
- Executive pay contracts in large companies to be made publicly available;
- Executive remuneration to be in cash as rewards in share options, shares and perks 'invite abuses';
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