As the Business Secretary said he shares the anger of the anti-capitalist protesters at St Paul's in London, another group was setting up camp in Exeter.
Cable said the demonstrators were right to point out that those who caused the financial crisis have not paid the price while ordinary people suffer.
He set up a review of spiralling executive pay in September and yesterday he said he was prepared to back up the plans with new laws.
The Business Department is working on proposals to give shareholders more powers to limit sky-high payouts to bosses who have failed to boost their businesses.
Mr Cable stepped in after it emerged that the average salary for a chief executive of one of Britain’s 100 biggest firms has quadrupled from £1million to £4.2million over the past 12 years – without a corresponding uplift in share prices.
He said: ‘I think that’s what causes a lot of public anger and indignation and you know we’ve seen some of that spilling over into protests in recent weeks.
‘I have sympathy with the emotions that lie behind it. Some of their recommendations aren’t terribly helpful, but that’s not the point.
‘I think it does reflect a feeling that a small number of people have done extraordinarily well in the crisis, often undeservedly, and large numbers of other people who have played no part in causing the crisis have been hurt by it.’
The Government’s consultation exercise is designed to ensure greater transparency on management pay and perks and ensure a closer link between salaries and performance.
Asked if he would change the law to force companies to adhere to new rules that may result from it, Mr Cable said: ‘It depends on the consultation. If it does require legislation of course we’ll introduce it.’ » | Richard Hartley-Parkinson and Tim Shipman | Monday, November 14, 2011
