German opposition blocks plan to control exec pay

BERLIN (AP) - The German Parliament's opposition-controlled upper house has blocked government plans to curb excesses in corporate managers' pay, just before national elections on Sunday.

Chancellor Angela Merkel's center-right coalition planned to force publicly listed companies' to hold obligatory, binding votes on the pay system and maximum pay for managers at their annual general meetings. Those decisions are currently taken by companies' boards of directors.

The center-left opposition said the plan wouldn't solve the problem. It argued that shareholder meetings are dominated by institutional investors which themselves have driven corporate excesses.

Parliament's upper house represents Germany's 16 state governments.

It decided Friday to kick the proposal to a committee that resolves disputes with the lower house _ effectively killing the plan, because the committee won't meet before the election.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Bad Move
    Jason Rantz says I-594 cites a bad example for gun control

  • Healing in Oso
    Oso fire chief remembers deadly mudslide on 6-month anniversary

  • Wilson's Win
    The Seahawks have the NFL's single biggest difference maker
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.