Government announces reform of directors’ pay

MONTREAL – Every spring, a bespectacled little man with a silver moustache and a penchant for theatrics takes the microphone at select annual shareholder meetings in Canada and gives directors and management a multi-minute tongue-lashing about every corporate governance flaw he’s identified at their company. It’s the gospel according to Yves Michaud.

Overpaid chief executives and all-male boardrooms will be challenged by a new grouping of influential shareholders controlled by the TUC, Unison and Unite unions, reports The Guardian.

LONDON (Reuters) -

MPs have called for an inquiry into why former HBOS bosses were given almost £1m in “bonuses for going bust”, reports The Guardian. Seven HBOS directors collected cash bonuses of £914,000 in “change of control” payments when the bank was rescued by Lloyds and bailed out with £20bn of taxpayers’ money in 2008.