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Story URL: http://management.silicon.com/itdirector/0,39024673,11028393,00.htm

'Money-grabbing' execs get wage trial-by-jury
Shareholders will vote on execs' wages...

By Will Sturgeon

Published: Friday 19 October 2001

Shareholders have won the right to vote on executive salaries after Patricia Hewitt, trade and industry secretary, acted to curb growing discontent about the vast salaries dished out to directors at the helms of failing companies.

The move follows Prime Minister Tony Blair saying there was a need to crack down on "senior executives whose pay packets don't seem to bear any resemblance to the performance of their companies" in his conference speech.

Although Blair didn't point the finger at any one company or set of individuals his comments will hit home in the corridors of power at companies such as BT and Marconi.

To find out why action was needed, read:
Ousted Marconi chief seeks £1m pay-off
http://www.silicon.com/a47312
Shareholders fuming over Marconi payouts
http://www.silicon.com/a47120
BT profits continue to slide
http://www.silicon.com/a46039
BT gives 'fat cat' Bland £500,000 for three-day weeks
http://www.silicon.com/a44189