The prime minister has said that excessive pay for company bosses will be a thing of the past after revealing plans to make shareholder remuneration votes mandatory in an attempt to curb excessive rewards.

Deborah Hargreaves, chair of High Pay Commission, told the Today programme's John Humphrys that top bosses are now earning 160 times average pay. The UK has a "corporate elite" which is "out of touch" with the public, she said.

However Stuart Fraser, policy chairman at the City of London Corporation, says that rising levels of corporate pay has meant the UK has not suffered a "the drain of talent".

"It's a basic principle… owners of businesses are the people who determine the pay of the managers and no-one else," he argued.

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