RUSHES: General Election 2019: John McDonnell speech on the economy

General Election 2019: John McDonnell speech on the economy; ENGLAND: London: Westminster: INT John McDonnell (Shadow Chancellor) speech SOT part 4 of 5. - All companies required to disclose ratio of CEO pay to median employee pay - No employee should receive pay less than Living Wage - All executive remuneration subject to annual binding vote of shareholders and stakeholders - Strategies for pay gaps must be reported - Companies to be prevented from neglecting pension deficit payments in favour of CEO remuneration - Company audits vital for corporate accountability - Auditing firms have conflicts of interest - Big 4 companies will not be allowed to act like a cartel - Auditing should be structurally separate and prevented from non-auditing sales - Auditor will not be dependent on client company fees - independent and robust - New statutory body - new legislation - Auditor files should be available for stakeholders - Large companies required to change firms once every 5 years - We'll regulate so auditors provide socially useful information - failures, links to offshore locations, unfair profit practices - Regulator will examine auditing industry at 5 yearly intervals - Finally, want to construct new regulatory architecture - Overhaul of system to serve public interest