Time for action on fat cats - Stunell

12.00.00am BST (GMT +0100) Tue 10th Jun 2003

Fat cat pay for top corporate executives must be tackled by the Government says local MP, Andrew Stunell:

"Labour is being extraordinarily feeble by not confronting the issue of grossly excessive payouts to executives who have manifestly failed. There has already been an enormous amount of public discussion and there is a clear consensus for action. Many parties including the CBI and the TUC agree that shareholder power is the way to tackle executive excesses."

Andrew Stunell is calling for the Government to strengthen the existing legal framework by making shareholder votes binding; and publish institutional shareholders' voting records to increase transparency and accountability.

Andrew Stunell said:

"We mustn't forget that shareholders are actually ordinary members of the public, living in Stockport saving their pensions or towards the purchase of a house. At the moment, their votes may be persuasive, but they are not binding. "

"Without sensible proposals, the rising pressure from outraged shareholders and occupational pensioners could result in inappropriate knee jerk measures." ENDS"