Today the Business Secretary announced the Government's proposals for directors' pay, giving shareholders new powers to hold companies to account on the structure and the level of pay, and making it easier to understand what directors are earning and how that links to company performance.
I spoke near the end of the session to welcome this announcement but to also ask how the Government will ensure shareholders can vote in practice
Power going to the shareholders and the business owners is how capitalism is supposed to work, yet it is essential that shareholders are able to exercise their votes in practice. Will the Secretary of State tell the House what action he has taken to ensure that brokerages communicate to their nominees—shareholder-owners—the fact that they have the right to vote at board meetings and are able to exercise it? What action he will take to address stock lending, which is all too often used to steal away votes from the real owners so that other people can use them instead?
We are not taking specific action on brokerages, but it is clear that the increasing participation of shareholders reflects good practice and a favourable trend.
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