Labour would force listed companies to appoint employee representatives to remuneration committees in an attempt to “increase accountability and fairness” and curtail excessive boardroom pay.
Chuka Umunna, the shadow business secretary, reaffirmed the Labour party policy yesterday at a head-to-head debate with Vince Cable, the business secretary, and Matthew Hancock, the Tory business and energy minister.
“I don’t buy this rather patronising view that employees don’t understand a P&L account,” Mr Umunna told a business debate hosted by The Sunday Times, when asked his view on boardroom pay. Dr Cable argued that it “was the owners of the companies that are responsible for top pay”.
During the debate, the three politicians clashed on Britain’s future in Europe. Challenged on the uncertainty created by a