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Cable warns FTSE chiefs to curb exec pay ahead of Barclays meet

Cable warns FTSE chiefs to curb exec pay ahead of Barclays meet

Business secretary Vince Cable has warned of further government intervention unless executive pay rises are curbed.

The Financial Times reported that Cable has written to the chairmen of FTSE 100 remuneration committees to warn that pressure for further government action is inevitable unless pay rises are curtailed.

His warnings come ahead of Barclays' annual meeting on Thursday, where investors are expected to register their disdain for the 10% rise in bonus payments in spite of a one-third drop in pre-tax profits.

In his letter to FTSE chiefs, Cable said: 'Excessive and disproportionate pay in the corporate sector damages popular trust in business and threatens to undermine business’ licence to operate.'

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