Cameron promises shareholders power to limit executive pay

Prime minister David Cameron has promised shareholders a binding vote on executive pay to try curbing excessive salaries.

He told the BBC there had been a "market failure", with some executives getting huge pay rises despite firms not improving their performances. At present, shareholders have a non-binding, or advisory, vote on pay. But new measures under consideration by the coalition could include shareholders getting a veto both on pay packages and on deals given to executives who leave jobs in which they have failed. Cameron hinted legislation could be announced in the Queen's Speech, which is likely in the spring. However, some groups have voiced concerns the new measures may not go far enough. ...