One of the City's largest investors has warned companies that it does not expect any rises in boardroom pay this year at a time of heightened scrutiny of executive behaviour, says The Guardian .
Aviva Investors, which owns 2% of the stockmarket, said it wanted a "moratorium on pay rises" together with "considerable restraint and prudence" towards bonuses as the economy deteriorates rapidly and employees face redundancy.
With investors facing mounting criticism for failing to prevent the collapse of boardroom standards in Britain's banks, Aviva has taken the initiative and written to the pay consultants and City lawyers who devise remuneration for top bosses to say they must put the brake on pay.
The letter notes that basic pay for directors has risen by 94% since 2000 and total cash pay, which includes short-term bonuses, is up 259%. Aviva said there was no justification for rises based on increased company size or share price.
THE AVERAGE PRICE of a house is 16.6 per cent lower than this time last year after a further 1.3 per cent fall in January, according to figures published today by Britain's biggest building society, The Times reports.
The January fall recorded by the Nationwide is lower than the 2.5 per cent slump in value seen last month, but is still well ahead of the fall of 0.4 per cent reported in November.
Martin Gahbauer, the Nationwide's senior economist, said that although the quarterly trend was improving, it was "too early to say that this marks the start of a sustained improvement in the short-term trend".
The latest decline, which will push more homeowners into negative equity, which is where the value of a house falls below the level of mortgage debt, leaves the average price of a typical house at £150,501, down from £153,048 in December.
THE UNITED STATES House of Representatives has passed an $825 billion (£577 billion) economic stimulus plan that President Barack Obama has made the centrepiece of his attempt to rescue the American economy, reports The Telegraph.
But the party-line vote of 244 to 188 in the Democratic-controlled Congress was a hollow victory for Mr Obama because not a single minority Republican voted for it.
Mr Obama had lobbied Republicans, who were intensely sceptical about increased spending without major tax cuts, trying to make good on his campaign pledge to bring a new bipartisan tone to Washington, intensively.
Welcoming the vote, Mr Obama said: "Last year, America lost 2.6 million jobs. On Monday alone, we learned that some of our biggest employers plan to cut another 55,000. This is a wakeup call to Washington that the American people need us to act and act immediately."IFAonline
Despite improved risk appetite
FOS award limit increase
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Ceremony will take place 13 November