The government is set to water down its toughest measure designed to curb excessive executive pay awards, it has emerged.
Business secretary Vince Cable has made provisions to make a rule he previously proposed - which would have involved senior officials facing an annual vote on their pay and bonuses - more lenient.
This idea - which the minister himself put forward in a paper outlining ways in which corporate greed could be tackled - was designed to improve transparency in this area of remuneration.
However, Mr Cable - who is also MP for Twickenham - has now decided that executives should only undergo this process once every three years due to the fact he believes a yearly poll would involve too much red tape for businesses.
However, shadow business secretary Chuka Umunna has described this development as "greatly disappointing".
"At a time when shareholders are becoming more assertive and activist in their approach, the government appears to be turning the other way," he added.
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Posted by Trusha Vyas