LibDem Business Secretary Vince Cable is urging shareholders to bring corrupt banking executives to heel.
“Shareholders, the owners, have a major responsibility here. I am bringing in legislation to strengthen their control over pay and bonuses, through binding votes, but shareholders have to get a stronger grip on weak boards and out-of-control executives.”
Umm, clearly Vince has been asleep for the past forty years. Shareholders are often so far removed from the corporate governance structure they have no idea what is going on. To put the onus on them, while technically correct, ignores the tradition of Laissez-Faire management between executives and their shareholders.
The kleptocratic chickens have come home to roost y’all.