Jon Cruddas urges Dagenham and Rainham residents to have their say on high pay.
Jon Cruddas MP - Labour Member of Parliament for Dagenham & Rainham
Jon Cruddas has signed a House of Commons motion in support of the ‘Your Say on Pay' campaign, launched this month by responsible investment charity FairPensions. The campaign has seen pension and ISA savers emailing their providers urging them to vote against excessively generous remuneration packages.
The House of Commons Motion calls on providers to "respond to the campaign by taking a robust attitude to excessive remuneration and by publicly disclosing their voting records."
Mr Cruddas's action comes after a wave of high profile shareholder rebellions on pay at companies including Aviva, Barclays and Trinity Mirror. It also follows the revelation that FTSE bosses have seen average pay rise by 11% whilst share prices have dropped by 7% in the last year.
Jon Cruddas said:
"This campaign couldn't be more timely. Shareholder power has been grabbing the headlines but many people don't realise that, if they have a pension or stocks-and-shares ISA, it is their money being invested in these high paying companies."
"I'm very pleased to support this initiative and would urge people to use the online action tool to make their voice heard."
Louise Rouse, Director of Engagement at FairPensions said:
"We're delighted to see Jon Cruddas taking a lead in encouraging people to have their say on pay. Excessive pay is bad for business and bad for society, and the last few weeks have seen savers across the country demanding action from their providers to end rewards for failure.
"After three executives resigning over the issue and some major shareholder rebellions we are pleased to see parliamentarians recognise the need to keep pressure on companies who pay their executives over the odds for sub-par performance."
For more information on FairPensions' campaign please contact Matthew Butcher on 0207 403 7806 or firstname.lastname@example.org.
For more information on Jon Cruddas' work please contact his constituency office on 0208 984 7854 or email@example.com