The Greenbury debate: the proposals in the Greenbury report were - with one notable exception - broadly welcomed. The debate is unlikely to end there, however

Article Abstract:

Chairman of the UK Shareholders Association Donald Butcher believes that shareholders should have the final say over executive pay, but there must be disclosure of all elements of pay, such as proposed by the Greenbury report. David McCraw of Dunedin fund managers, a Scottish investment house feels that there are too many varibales to establish a framework for controls over executive pay. Chief executive of Cookson, an industrial materials group, Richard Oster, believes that statutory controls could harm the entrepreneurial flair of businesses.

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Bosses' pensions in spotlight

Article Abstract:

UK executive pay is likely to be discussed in 1996 especially if proposals on disclosure are implemented. The cost of pensions can be calculated using methods set out by the Institute and Faculty of Actuaries. Comments can be made on these proposals up to feb 9 1996 and they could be implemented in summer 1996 as part of the listing requirements of the London Stock Exchange. This would mean that they would appear in accounts relating to financial years which end after June 1996.

Finance, Corporations, Corporate finance

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Further thoughts on Greenbury

Article Abstract:

Richard Greenbury's committee has studied the issue of executive pay and share options. The report argued they should be taxed when exercised as income, but Greenbury then recognised that this could hit low-paid employees as well as executives. Some companies use performance critiera that executives have to meet if they are to exercise share options. Warrants could be issued to directors rather than options. This would encourage executives to be long-term investors.

United Kingdom, Corporate governance

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