Fidelity backs Cable crackdown on boardroom pay

In a speech to the House of Commons yesterday, Cable, the secretary of state for business innovation and skills, outlined plans to give shareholders new powers to rule over companies' pay deals. The proposals suggested binding shareholder votes and clawbacks on executives' pay, with Cable saying shareholders should also take into account the difference between a company's best-paid and worst-paid workers. Asset managers backed the move, with Sacha Sadan, director of corporate governance at LGIM, saying: "We welcome the Government's proposals in tackling executive pay. [...