PM signals action against executives who abuse pension schemes

22 Enero, 2018, 01:16 | Author: Arnold Perez
  • Carillion's troubles had been rumoured for many months before its dramatic collapse into liquidation
Credit
Joe Giddens  PA

The prime minister said she will outline plans in the coming weeks to crack down on "abuse" of the system by business chiefs.

The prime minister has threatened punitive fines and pledged "tough new rules" to deal with company bosses who put pension schemes at risk while lining "their own pockets" in the wake of the collapse of Carillion last week.

Reviving a commitment with which she launched her premiership - to govern "not for a privileged few, but for every one of us" - May says that while governments should not get involved in day-to-day management of businesses, the state should act now "in favour of ordinary working people".

Writing in the Sunday newspaper, May said "tough new rules" will be introduced to tackle the behaviour of "executives who try to line their own pockets by putting their workers' pensions at risk - an unacceptable abuse that we will end".

Several former executives at failed outsourcing giant Carillion received significant pay and perks packages before it collapsed.

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He added that safeguards must be put in place to protect workers who have contributed to a pensions scheme and bonus clawbacks should be triggered in the event of a company's collapse. One proposal is for regulators to be empowered to claw back executives' bonuses after a company and its pension system go to the wall.

"The Treasury and the business department will be hostile to these sorts of ideas and will not want regulators interfering in the business decisions of corporate Britain".

It comes after a Tory former minister accused Mrs May of timidity and a lack of ambition in a devastating attack on her leadership.

"Not by bailing out the directors with a blank cheque - it will be the shareholders of Carillion, not taxpayers, who pay the price for the company's collapse - but by stepping in and supporting those affected".

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