Iain Duncan Smith has backed the revolt over ‘fat cat’ pay at BP as part of his new blueprint for compassionate conservatism.
The £14 million pay package for the energy company’s chief executive, Bob Dudley, was rejected last week by six out of ten investors.
The former work and pensions secretary is championing the backlash as part of a broader warning of the dangers posed by certain big businesses.
Writing in The Times, Mr Duncan Smith says: “Whilst we should always celebrate people getting richer through their own efforts, we should be worried when people or well-connected businesses, like the renewable energy industry or big banks, prosper because of government subsidies and regulations. Housebuilding controls that protect the wealth of those who already own
