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Investors must be bold and stand up to excessive executive pay

With both David Cameron and Nick Clegg criticising excessive executive pay over the last few days, campaigners at ShareAction insist that 2012 must be the year for effective action to follow tough words on the issue.

"It is clear that the government understands the depth of feeling on high pay" said Catherine Howarth, CEO at ShareAction "and we welcome their enthusiasm on this issue"

Ms Howarth went on to say:

"The time has come for excessive pay, and the support it gets from fund managers looking after UK pension savings, to be scrutinised closely. It is essential to break open the closed circles of company directors who determine each other's pay on corporate remuneration committees."

In reaction to the David Cameron's comments this morning in which he called for shareholders to be given more powers, Ms Howarth said:

"Shareholders should indeed be given more power. But institutional investors, who manage our pension savings, must also be more willing to vote against obscene pay packages at the top of British business."

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