The UK’s main shareholder rights group has criticised the Government for appointing the Investment Association to oversee its executive pay register.
The register is the brainchild of business secretary Greg Clark and will force all listed firms to show the pay gap between executives and workers.
The public register would also list firms that face shareholder disagreements over executive pay deals.
But today City AM reports that the UK Shareholders’ Association has spoken out against the way the register is progressing.
UK Shareholders’ Association director Peter Parry says: “It’s madness for the Government to be asking the Investment Association to be overseeing the register.
“The asset management industry has been damningly criticised by the FInancial Conduct Authority over the last couple of months.”
Investment Association chief executive Chris Cummings says: “This public register will help sharpen the focus on those who must do more, enabling our members to hold the country’s biggest businesses to account and leading to better-run companies.”