But the MPs said remuneration committees should also be forced to cap total remuneration for executives in any year, and that regulators should "publicly call out poor practice".
Those working in the public sector – teachers, nurses, civil servants, doctors, police – will all see employer contributions to their pensions – regarded as one of the most valuable parts of their remuneration – capped to bring them in line with private sector pension schemes.
Seldon, who took a pay cut this year and in 2016 and earns £150,000 a year, said he felt remuneration should be capped depending on the size of the institution.
That probably means paying them extra money and not imposing artificial caps on remuneration.
Complex pay schemes for executives should be simplified and companies should set and publish caps on remuneration in any year, according to the Commons business, energy and industrial strategy committee.
"In some cases the ratio was further increased in 2013, rather than lowered as might have been expected, to phase in the application of the bonus cap for remuneration awarded for the performance year 2014 and onwards," the EBA said.
The number of salaried ministers was capped by the Constitution, but O'Connor was forced to write to the Attorney General, his friend Alfred Deakin, that he could not continue to work without remuneration.
An absolute cap on bosses' remuneration.
Remuneration caps were removed in 1994, at which time the maximum compensation for discrimination cases was $11,000 $15,80000).
The chancellor argued that Britain already had the toughest regime in the world on bankers' remuneration and that the proposals to cap bonuses could "have a perverse effect".
Nicholas Stretch, of law firm CMS Cameron McKenna, said: "Because London has a very large number of people with variable high pay, the forthcoming bonus capping rules – and extending the number of people caught by the rules – will have a particular impact on our financial services industry and lead to extensive changes in how remuneration is provided".
