LONDON Dec 1 Eighty-seven percent of UK pension
funds say executives at UK listed companies are paid too much, a
survey by the Pensions and Lifetime Savings Association said on
Thursday, as Britain proposes changes to the way companies are
Britain began consultations on encouraging better corporate
behaviour and curbing executive pay this week, part of Prime
Minister Theresa May's campaign to help those who voted for
Brexit in protest at "out of touch" elites.
"It's time companies got the message and started to reduce
the size of the pay packages awarded to their top executives,"
said Luke Hildyard, policy lead for stewardship and corporate
governance at the PLSA.
The number of shareholder revolts, defined as cases where
more than 40 percent of shareholders voted against pay awards
at FTSE 100 company annual meetings, rose to seven this year
from two in 2015, the PLSA's analysis found.
The PLSA said it will publish guidelines encouraging pension
funds to take a tougher line on the re-election of company
directors responsible for setting company pay.
The average pay of bosses in Britain's FTSE 100 index
rose more than 10 percent in 2015 to an average of 5.5
million pounds ($6.9 million), meaning CEOs now earn 140 times
more than their employees on average, according to a survey by
the High Pay Centre released in August.
The PLSA's members include more than 1,300 UK pensions
schemes with 1 trillion pounds in assets.
($1 = 0.7925 pounds)
(Reporting by Carolyn Cohn)