During 2000–2006 the UK’s inU ation rate varied between an annual low of 0.7% in 2001 to a maximum of 4.4% in 2006 (see www.watsonwyatt.com/europe/).

K. Sheehan, ‘Is the Outrage Constraint an Effective Constraint on Executive Remuneration? Evidence from the UK and Preliminary Results from Australia’ available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=974965.

A .Clark and E. Schor ‘Your company is bankrupt, you keep $480m. Is that fair?’ Guardian (7 October, 2008) detailing the executive pay of the failed investment bank, Lehman Brothers. In this regard see also the Congressional hearings with the former CEO of Lehman Brothers, Richard Fuld (http://uk.youtube.com/watch?v=bJIAUAHoGjo/ ).

See Item 402 of Regulation S_K (http://www.law.uc.edu/CCL/regS-K/SK402.html ). The disclosures were recently subject to significant amendments: see Securities Act Release No 8732a (http://www.sec.gov/rules/_ nal/2006/33-8732a.pdf) and Securities Act Release No. 8765 (http://www.sec.gov/rules/_nal/2006/33-8765.pdf).

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