HANGZHOU, China, Sept 4 The British government
will put forward proposals later this year aimed at improving
corporate behaviour, including tackling excessive executive pay,
British Prime Minister Theresa May said on Sunday.
During the contest to become Conservative Party leader and
prime minister earlier this year, May pledged to overhaul
corporate governance rules, including putting workers on company
boards and making shareholder votes on pay binding.
"We want to look at the whole issue of corporate behaviour
and we'll be bringing out some proposals later in the year in
relation to this," May told reporters en route to the G20 summit
Asked what particular aspects concerned her, she said issues
including "chief executives' pay, as multiples of average
A survey by the High Pay Centre last month found the average
pay package for a chief executive of a company in the FTSE 100
index of leading British companies rose more than 10 percent in
2015 to 5.5 million pounds ($7.3 million), on average 140 times
more than their staff.
Asked whether she would order Britain's tax ministry not to
do any so-called sweetheart deals with big multinational
corporations, May said companies had a responsibility to pay
Last week, European Union antitrust regulators ordered Apple
to pay up to 13 billion euros ($14.5 billion) in taxes
to the Irish government after ruling that a special scheme to
route profits through Ireland was illegal state aid.
"There is an issue in corporations paying taxes. There is a
responsibility in paying taxes. Because their employees ...
their children are at schools, they use the health service ...
the goods are transported by roads and trains and so forth," May
"So it's not that companies have no responsibility."
($1 = 0.7523 pounds)
($1 = 0.8966 euros)
(Reporting by William James; Writing by Kylie MacLellan in
London; Editing by Mark Potter)