Region’s companies mulling over minister’s proposals for executive pay

Earlier this week, the Government announced moves to tackle the growing controversy over excessive boardroom pay, with proposals on greater transparency over pay deals, giving shareholders tougher powers.

Mr Cable said there had been a “clear market failure”, with top pay increasing by five times as much as the average worker’s wages last year.

North Yorkshire power company Drax said: “The company’s remuneration committee has not yet had the opportunity to consider Dr Cable’s proposals.

“The committee actively promotes clear and transparent disclosure of executive pay, recognising the need to build trust in the remuneration process through transparency and accountability. It therefore welcomes any proposals that promote clear and concise reporting.”

Drax chief executive Dorothy Thompson earned an annual salary of £500,000 last year and a bonus of 325,000.

York-based housebuilder Persimmon said that given it is early days with Dr Cable’s proposals, the directors have not had the opportunity to review them in detail.

Persimmon’s chief executive Mike Farley was paid a salary of £646,000 in 2010 and earned a bonus of £621,000.

Bradford-based Morrisons said that in respect to Dr Cable’s proposals, it is something the remuneration committee would rather consider and discuss internally before commenting.

Chief executive Dalton Philips was paid £676,000 last year and received a £478,000 bonus.

Bradford-based credit lender Provident Financial said the company was unable to comment on Dr Cable’s proposals. In 2010 Provident’s chief executive Peter Crook earned a salary of £579,000 and a £595,000 bonus.

Natural chemicals company Snaith-based Croda International was unavailable for comment. In 2010 former chief executive Mike Humphrey earned a salary of £560,000 and a £560,000 bonus.