Germany's Merkel: no place for excessive pay

Economy March 13, 2013

Germany's Merkel: no place for excessive pay

BERLIN (AP) — German Chancellor Angela Merkel says there's no place in society for excessive managerial pay and is underlining her support for European efforts to rein in bankers' bonuses.

Merkel also told the daily Freie Presse in an interview published Wednesday it is "very good" the executive arm of the 27-country European Union is drawing up proposals to give shareholders, rather than just directors, power to set top managers' pay.

Merkel was quoted as saying: "There must be no excess in a free and social society — that is why I support, for example, plans in the EU to limit sometimes extremely high pay in the financial industry."

Germany's center-left opposition is making the wealth gap in Germany a major issue in September elections in which Merkel will seek a third term.

Subjects
- Business,
- General news
People
- Angela Merkel
Locations
- Germany,
- Western Europe,
- Europe
Organisations
- Germany government,
- European Union

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