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News
28/09/2011 15:37:05
ABI: Pay must be related to performance
Consumers who are concerned about their personal finances and their levels of pay may be pleased to hear that the Association of
British Insurers (ABI) has stated that pay needs to be linked to performance.
The organisation was commenting as part of BBC Radio 5 live's Wake UP To Money: Executive pay programme.
Otto Thoresen, director general of the Association of British Insurers (ABI), said: "The important think from our point of view is that the balance is right, that good performance is rewarded, but if performance isn’t going through then there is consequence from that too."
Mr Thoresen said that the ABI often offers guidance to companies to ensure they are complying with remuneration issues and are paying their staff appropriately.
The ABI's comments come in light of a speech by Vince Cable, Business Secretary, who said 'I want to call time on payouts for failure' and called for a simplification of remuneration schemes.
