UK - Trade unions want new legislation to curb so-called "reward for failure" payoffs to company executives.
The Trades Union Congress stance puts it at odds with both pension funds and insurers, both of which are backing self-regulation.
TUC general secretary Brendan Barber said: “British boardrooms have ignored their own voluntary code for nearly a decade and shareholders need more teeth to make an impact.
“Legislation is the only way to get this under control.”
But the National Association of Pension Funds and the Association of British Insurers see legislation as “inflexible” and an encouragement for executives to “look for loopholes”.
The TUC and the trade bodies, though, were united in calling for changes to boost the confidence of employees, shareholders and the public.
A reduction in directors’ notice periods was seen as essential with the TUC calling for a six-month legally binding upper limit to bring executives in line with other staff.
It also believes performance-related remuneration – including bonuses, share options and long-term incentive plans – should not be part of any severance package.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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