A campaign group and a think tank in the UK has created a web tool that is expected to ride high on the crest of the current worldwide criticism over the sky-high pay scales of many corporate executives and get people to do something about it.
BBC said campaign group FairPensions supported by the think Tank High Pay Centre has developed a web tool that lets you choose your pension fund or ISA provider and emails them a letter asking them to vote against inordinately high payt and bonuses.
The tool developers said they created the system to provide a unique way to influence pay practices at the before now unreachable top of the corporate totem pole.
In the UK, pension funds and ISA providers invest in stocks of many companies listed in the exchange and are using these investments in those companies to influence the criticized high salaries paid to their executives.
Investors and politicians alike have been extremely critical of the high compensation packages being given to top corporate officials even when their companies have not been performing well and therefore not benefitting stockholders and members.
Citing an example Barclays, one of the UK’s biggest banks, got a large slice of shareholder ire against excessive executive pay rates when 32% of shareholders rejected the company’s remuneration report at its annual general meeting.
The web tool takes advantage of this rising anger against high executive pay scales by encouraging all shareholders of companies to go online and join in the email campaign aimed at waking up companies to the popular distaste for the corporate high benefits practices.