Cable threatens action on 'excessive' FTSE 100 pay

Vince Cable has attacked the salaries paid to the executives at the top of FTSE 100 companies and warned the government may intervene if boards do not rein in 'excessive' payouts.

In a letter to the chairmen of the FTSE 100 companies' remuneration committees, the Business Secretary stated the pay at FTSE 100 companies is  "excessive and disproportionate" and does not reflect performance. Cable (pictured) said: "Unless business is seen to act responsibly, pressure for further action will inevitably result. I therefore trust that you will seize the opportunity to bring pay in line with performance." Cable has previously criticised large pay packets, but this letter indicates the government may take a more active approach to legislation if this trend continues. ...