ABI backs plan for binding pay vote

The annual vote on corporate pay plans should be binding, the Association of British Insurers has said in response to plans by Vince Cable, business secretary, to strengthen shareholders’ powers and curb excessive executive payouts. Whether or not to introduce a binding vote has become one of the most controversial elements of the government’s proposals for restraining the pay of top company bosses, in what many see as the most deep-seated overhaul of remuneration in a decade. See full Article, paid subscription required.