Theresa May attacks 'unacceptable face of capitalism'

quote:

---

Businesses who pay excessive salaries to senior executives represent the "unacceptable face of capitalism", Prime Minister Theresa May has said. The "excesses" of some bosses was undermining confidence and "damaging the social fabric of our country", she wrote in the Mail on Sunday. Firms that face shareholder revolts over salaries and bonuses will be named on a new public register, Mrs May said. She also said firms could decide how workers are represented in boardrooms. The Conservatives' manifesto said executive pay should be approved by an annual vote of shareholders. Mrs May's article does not mention this commitment, but instead says firms that have a "shareholder revolt" on pay will be named on a new public register.

---

quote:

---

Mrs May said most of the UK's biggest businesses invested in their workforces and looked after the interests of employees and investors. However, she said that "too often in recent years we have also seen another, unacceptable, face of capitalism". A "minority of firms are falling short of the high standards we expect of them," she added. "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."

---