Department for Business, Innovation and Skills
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Cable comments on CBI’s response to discussion paper on executive remuneration
Welcoming the CBI’s response to the discussion paper on executive remuneration, the Business Secretary, Vince Cable said:
“The CBI is reflecting the views of growing numbers in the
business community who agree that executives should be rewarded
for contributing to the success of their company, but that
extravagant rewards for failure need to stop.
"Their support for measures such as increased
transparency, clawback mechanisms to prevent payments for failure,
and reform of the make-up of remuneration committees is welcome.
"I am grateful to the CBI for their leadership in
this debate, putting it on the side of 'responsible
capitalism'. I hope they will now work with their members
to promote the changes we need to see.
"The Government is currently considering all the
responses we've received and we will announce the next
steps early next year."
Notes to editors
1. CBI response to government discussion paper on executive remuneration Nov 2011.pdf (416KB)
2. BIS's online newsroom contains the latest press notices, speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom for more information.
Contacts:
BIS Press Office
NDS.BIS@coi.gsi.gov.uk
Una Flynn
Phone: 020 7215 5256
Una.Flynn@bis.gsi.gov.uk
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