Banks have grabbed all the attention on pay and bonuses, keeping the heat off other sectors. But executive remuneration is a problem in other industries, too. Rewards in companies such as Tesco and Serco seem to have been a part of a weakness in strategy and governance.

A year since "say on pay" was strengthened - the Enterprise and Regulatory Reform Act 2013 gave shareholders a binding vote on directors' remuneration - there is little sign of realism in incentives. Many rewards remain detached from sustainable value creation. Some recent high-profile problem companies have shown just how well paid people can be for strategic failure. In many companies, rewards remain focused on the short term, with opaque metrics and too much focus on boosting the share price. Change is slow; shareholders and boards need to raise their game.