The Lib Dems' war on wealth

Vince Cable will address the Liberal Democrat conference later on today. Tim Farron’s indulgent speech yesterday is a tough act to follow, but Cable has chosen a subject to titillate delegates: curbing high executive pay, bolstered by the popular mantra of no more reward for failure. He signalled his intention yesterday in an interview with the Sunday Times, with further details in the Guardian. The Business Secretary will try to ensure that workers and shareholders are represented at directorial level. He will also strive to diversify the membership of remuneration committees to include union reps and low grade employees. Finally, he will push for greater pay transparency in top companies, forcing all listed companies to publish the value of their executive pay in addition to insisting that companies justify bonuses before independent remuneration committees.