NAPF Comments on plans to curb executive pay announced by Vince Cable
19 September 2011
The National Association of Pension Funds today commented on plans to curb executive pay announced by Business Secretary of State Vince Cable.
David Paterson, Head of Corporate Governance at the NAPF, said:
“The NAPF has long urged restraint in setting directors’ pay. When rewards are way more generous than those on the shop floor, they need to be carefully explained if investors are to hold management to account.
“The over-complexity in the structure of pay awards and lack of transparency around boardroom pay are key parts of the problem.
“It is in all our interests that companies are successful. Executive directors should be rewarded based on their performance and the value they bring to the business. Failure should not be rewarded.”
Notes to editors:
1. David Paterson is available for interview.
2. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]