Executive pay will be avoided in the new corporate governance code for private companies, according to the businessman leading the project.
James Wates. Photo: Wates Group
A new governance code for UK private companies will say nothing on executive pay, it has been revealed.
The businessman leading the project to define a code for private companies has said that the pay of executives in private businesses is between them and their bosses.
James Wates, who chairs the construction company Wates, told the Financial Times: "I believe, personally, that what we pay our people in private business is between us and them."
He said that to publicise pay rates would be to put a "for sale" sign on top management talent.
Wates was appointed in January to head a group developing a new governance code for private
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