BlackRock, the world’s largest fund manager, has written to the chairmen over of 300 of the UK’s biggest companies calling for reductions in pension entitlements and excessive pay rises. The New York-based firm, which controls assets worth $4.9tn, said it would only approve pay rises for executives if they were matched by similar increases for employees. “While we are not proposing a specific increase at this time, our view is that any such move should be accompanied by an equal reduction in executive pay, as well as other measures designed to improve corporate BlackRock is believed to be among the top three shareholders of every FTSE 100 company.
BlackRock, the world’s largest fund manager, has written to the chairmen over of 300 of the UK’s biggest companies calling for reductions in pension entitlements and excessive pay rises. The New York-based firm, which controls assets worth $4.9tn, said it would only approve pay rises for executives if they were matched by similar increases for employees. Over 50% of the UK’s largest quoted companies will submit pay proposals to binding shareholder votes within the next months. BlackRock is believed to be among the top three shareholders of every FTSE 100 company.