The independent UK High Pay Commission, funded by the Joseph Rowntree Charitable Trust, has published a long-awaited report which argues excessive boardroom pay has caused resentment, inflated the banking sector and damaged entrepreneurial zeal.

These days, in fact, it is hard to find a UK investor who does not think pay has got out of control and the Commission has found more than 20 of them to give evidence. Proxy voting agency Manifest separately confirms votes against executive share plans have hit record levels.