Germany passes law limiting executive pay

BERLIN: Germany passed a law Thursday that limits the salaries top executives are allowed to earn and encourages companies to focus on long-term strategies and performance.

Lawmakers from Chancellor Angela Merkel's ruling Christian Democrats and their coalition partners, the Social Democrats, voted in favor of the law, which was drawn up in response to the global economic crisis.

Under the new law, board members will be held liable for approving excessive salaries for senior managers and will no longer be allowed to delegate the decision to lower-ranking bodies. - AP

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