A shiver in Britain’s boardrooms?
President Obama’s decision to limit salaries and bonuses may well be worrying Britain’s boardrooms.
This is not because I see much chance of the same thing happening here (though it should). But remember the standard defence of executive excess in UK boardrooms. This is an international market for talent we are told. Even – in a strange borrowing of trade union language usually mocked by these very people – we must pay the rate for the job.
So now there will be all these hugely talented US bank directors on the international job market. Watch out UK CEOs.