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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
