Cable to force regular binding vote on exec pay

Business secretary Vince Cable (pictured) is set to announce plans today which will force companies to take binding votes on executive pay every three years.

It means companies would have to stick to pay plans for three years or hold another shareholder vote, the BBC reports. Businesses will also have to publish figures on how much executives are paid every year and say how much a high ranking employee is paid should they quit or be sacked. At present shareholder votes are annual but not binding - so they can be ignored. Last month shareholders at insurance giant Aviva voted down its remuneration report, sparking a 'shareholder spring' of revolts against executive pay.