Fidelity and LGIM back Cable crackdown on top pay

Fidelity and Legal & General IM (LGIM) have given their support to Vince Cable's proposals to clamp down on boardroom pay and push for greater transparency.

In a speech to the House of Commons yesterday, Cable, the secretary of state for business innovation and skills, outlined plans to give shareholders new powers to rule over companies' pay deals. The proposals suggested binding shareholder votes and clawbacks on executives' pay, with Cable saying shareholders should also take into account the difference between a company's best-paid and worst-paid workers. Asset managers backed the move, with Sacha Sadan, director of corporate governance at LGIM, saying: "We welcome the Government's proposals in tackling executive pay. [...