Theresa May says fat cat bosses are 'unacceptable face of capitalism'
2 min read
Theresa May has branded fat cat bosses who award themselves huge pay packets the "unacceptable face of capitalism".
Announcing a fresh crackdown on corporate greed, the Prime Minister has accused some executives of damaging "the social fabric of our country".
The Government will this week announce new measures aimed at tackling the problem.
Under the plans, if one in five shareholders complains about executive pay deals, they will be named in a public register.
However, plans to put workers in the boardroom have been ditched following a revolt by business and Tory MPs.
Writing in the Mail on Sunday, Mrs May said: "Too often in recent years, we have seen the unacceptable, face of capitalism.
"A minority of firms are falling short of the high standards we expect of them. Some have deliberately broken rules that are designed to protect their workers.
"Others have ignored the concerns of their shareholders by awarding pay rises to bosses that far outstrip the company’s performance.
"Most business leaders I speak to abhor this kind of behaviour. They know that when firms listen to their workers and are responsive to their shareholders, they can see the benefits on the bottom line.
"The problem comes when a small minority of executives narrowly put their own short-term interests first. Our future success as a nation, and the security and prosperity of every family in every part of the UK, depends on our economy thriving in the years ahead. That future success is undermined by the excesses and irresponsibility of a few.
"When big businesses are brought into disrepute, public trust in an open, free-enterprise economy is weakened. It is bad for individual workers and companies, but also damages the social fabric of our country."
Instead of being forced to put workers on boards, Mrs May said there were be an "expectation that they should have in place either an employee advisory panel, or a dedicated board member, or an employee representative on their board".
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