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EU: Finance ministers considering clampdown on 'excessive pay' for executives

Date: 14 May 2008

The chairman of the group of European finance ministers, Jean-Claude Juncker, has said that they are looking for ways to reign in what he described as scandalous pay packages for business senior executives.

A key target is likely to be so-called 'golden handshake' clauses that allow for large payments to departing executives which, in a number of countries, are currently tax deductible. Such payments have often been seen as controversial, particularly when the executive in question leaves in conditions of controversy.

Some countries have already legislated in such areas, including the Netherlands and France, which hae both set limits on the practice.

Juncker also said that large pay settlements for bosses made it more difficult to tell the broader population of workers that they should exercise wage moderation at a time of growing inflation.


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