UK - Union leaders are urging the department of trade and industry to limit the notice periods of "greedy bosses".
The Trade Unions Congress launched its latest attack on executive severance arrangements in response to a DTI consultation on “rewards for failure”.
The TUC’s response calls for changes in the law to ensure directors’ notice periods are applicable to other employees in the company, with a statutory upper limit of six months.
The unions also said severance packages should contain a proportion of basic salary – not bonuses or share options – to prevent further disputes with pension fund investors at annual general meetings.
The TUC is also seeking a tougher stance on remuneration with suggestions that investors should vote against all reports where policy is not in line with the combined code. And it wants these votes to be made binding on annual general meetings.
TUC general secretary Brendan Barber said good practice guidelines had failed to “rein in executive excess” and the divide between directors’ and workers’ pay was widening.
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