T&G warns government it will pay price for fat cat pay fiasco

The
Transport and General Workers’ Union has warned the government not to
"expect moderation on the shopfloor while greed is rampant in the
boardroom".

Bill
Morris, the union’s general secretary, made the comments in response to the
Government’s Rewards for Failure paper on executive pay.

He
said: "Under pressure from the CBI the government has once again chosen to
miss the opportunity to tackle the problem of boardroom greed for boardroom
failure.

"The
Government has completely misjudged the public mood, many of whom find these
payouts grossly offensive. Experience has shown that another code without teeth
is a failure to recognise the problem – it is like using a sticking plaster to
mend a broken arm.

"A
vote by shareholders that cannot alter a decision of the board is frankly a
meaningless gesture. Companies who demonstrate such greed should not enjoy the
privilege of being a listed company with all the fiscal incentives the
Government provides.

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"The
Government should not expect moderation on the shopfloor while greed is rampant
in the boardroom," he added. 

By Quentin Reade