New policies to limit top pay needed

Excessively high pay is damaging companies, the economy and society, concludes the final report of the High Pay Commission, Cheques With Balances: Why Tackling High Pay is in the National Interest.

The Report shows that:

  • decisions leading to escalating high pay are often concealed through complex remuneration arrangements
  • the argument that pay must rise in order to attract the best talent from abroad is a myth.

The Report makes 12 recommendations, including:

  • the publication of the top 10 executive pay packages outside the boardroom
  • employee representation on remuneration committees
  • all publicly listed companies should publish an annual statement of the distribution of company revenues
  • the establishment of a permanent body to monitor high pay.

The full report is available on the High Pay Commission’s website.