Inbrief

The German government has announced new rules on executive pay that are among the strictest in Europe. Legislation passed this month will allow supervisory boards to vote on pay packages at general meetings, and may hold individual board members responsible if they approve ‘irresponsible’ pay deals. Disclosure of executive pay will also become mandatory unless three quarters of shareowners vote against it. The latest move follows a €500,000 cap on executive pay for banks rescued by the state.