Highly paid bosses should not get knighthoods, City veteran tells MPs

Rewards for being in business should be primarily financial, says GlaxoSmithKline chair Sir Philip Hampton

Knighthoods and other public honours should not be handed to highly paid businesspeople, one of the UK’s most respected company chairmen has told MPs.

Sir Philip Hampton, who is chairman of pharmaceuticals group GlaxoSmithKline and was awarded his knighthood for public service, said businesspeople were rewarded with money, and that the honours system should be directed at those who do not benefit from big financial inducements.

Related: Can a $26m-a-year fund manager really rethink executive pay?

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