Responsible investment campaigners ShareAction reacts with dismay to news of government proposals on executive pay.

Responding to Dr Cable's proposals Christine Berry, Policy Officer at ShareAction, said:

"Vince Cable's announcement is a negotiated compromise between the government and institutional shareholders who were reluctant to assume new powers. This calls into question whether shareholders are really willing to play the part that government expects when it comes to controlling spiralling executive pay.

"While relying on shareholders to hold companies to account, the government has never addressed the question of who will hold shareholders to account. This is the missing link in today's package.

"It's vital that shareholders are made transparent and accountable to the millions of ordinary savers whose money they manage, or the ‘Shareholder Spring' could become a distant memory when the political spotlight moves on."

ShareAction has been calling for mandatory voting disclosure from investors which would allow those whose money they manage to see how they've voted on key issues like executive pay.

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For more information/to arrange interviews please call the ShareAction press phone on 0207 403 7806.