Executive pay attacked as ‘scandalous’
By Tony Barber in Brussels
Published: May 14 2008 18:18 | Last updated: May 14 2008 18:18
Excessive pay awards for company executives came under fire on Wednesday from the European Union’s senior economic policymakers, who condemned them as “scandalous” at a time when ordinary employees are under pressure to accept modest wage deals.
“When we talk about wage moderation and the need to link wage increases with productivity increases, then we also have to say something about levels of remuneration that sometimes don’t seem to reflect productivity at all,” said Joaquín Almunia, the EU monetary affairs commissioner.
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