Vince Cable unveils wide-ranging consultation on corporate governance
Business Secretary Vince Cable has unveiled a wide-ranging consultation on corporate governance in a bid to explore how companies can be encouraged to adopt a long- rather than short-termist approach to decision making.
The review entitled 'A Long Term Focus for Corporate Britain', which was unveiled at business lobby group the CBI's annual conference in London, is likewise intended to root out the reasons behind high growth levels in directors’ pay and to understand whether it should be made more transparent.
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more