The Northern Ireland Conservatives’ chairman, Irwin Armstrong, has praised David Cameron’s commitment to tackle undeserved fat cat salaries.
“The Prime Minister is absolutely right to highlight executive remuneration which is out of control and a bonus culture which seems to bear no relation to performance or results. The bosses of 87 of the FTSE top 100 companies pocketed more than £5 million each last year, in basic pay alone. That simply isn’t sustainable. Nor is it fair, at a time when the majority of employees are struggling to make ends meet, with prices rising and wages remaining the same.”
“David Cameron is proposing a major reform that would legally oblige shareholders to approve salary packages and, crucially, pay-offs. That means restoring the critical link between performance and pay, as well as breaking up the ‘old boys’ network’ of company board members who currently too often rubber stamp outrageous salaries and payments.”
“The Prime Minister is signalling an end to the brand of ‘crony capitalism’ which rightly makes people’s blood boil. This is a government committed to fairness in society, from top to bottom, and its determination to tackle unfair executive salaries underlines the seriousness of that commitment.”