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 Full text 
Monday, 13 March 2017 - Strasbourg Revised edition

Long-term shareholder engagement and corporate governance statement (debate)

  Anneliese Dodds (S&D). – Mr President, I would first like to thank the rapporteur for his excellent work. Colleagues, in my country the average CEO earns in three days what the average worker will earn in a year. CEOs’ pay has almost doubled over the last 10 years, while real pay for the average worker has stagnated. Dealing with this excessive remuneration is not anti-business. A survey of members of the Institute of Directors showed SMEs felt high pay in some big businesses was harming the reputation of all businesses. So it is great that this directive takes action to improve pay transparency, as well as improving many other areas of corporate governance.

Brexit cannot be used as an excuse for progress on this issue to be rolled back, particularly in Britain. The EU’s cap on bankers’ bonuses was challenged by the British Government but largely supported by the British people, just as they support action to make CEO pay more accountable. The message this directive sends must be heeded across the EU and in Britain, including after Brexit. Congratulations again to the rapporteur.

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