Latest Public Sector News

19.01.12

‘Moral capitalism’ ideas set out

Prime Minister David Cameron is to set out ideas for ‘moral capitalism’ in the economy in a speech today.

He aims to achieve greater transparency in pay and bonuses, as well as suggesting measures to make it easier for businesses to become co-operatives.

Labour leader Ed Miliband is also speaking about the issue today, and earlier this week, Deputy Prime Minister Nick Clegg called for a ‘John Lewis economy’, encouraging employee ownership of companies to improve productivity, showing the importance of the issue to all three major parties.

The Government is also considering new rules to require banks to reveal remuneration for the eight highest paid non-board executives, plans to give shareholders a binding veto on executive pay in the hopes to curb excess and prevent ‘rewards for failure’.

This speech comes during ‘bonus season’ in the City, and the Government expects further public backlash over unwarranted rewards.

The banks are set to announce their bonuses, including the Royal Bank of Scotland, which is preparing to offer a bonus of between £1.3m and £1.5m to Stephen Hester, its chief executive – on top of his £1.2m salary – even though its share price almost halved in a year. The Government – and so taxpayers – own an 84% share in the bank.

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