What should we do with the fat cats?

High levels of executive pay have always been an issue in the world of high-tech. For one thing, how many of the top tech, media and telecoms bosses aren't millionaires many times over?

But the last few years of downturn have meant a distinct whiff of rebellion is in the air. Many unsuccessful bosses have been ousted - in fact, tech leads the way across the business world in this field - and in recent weeks shareholders have been calling for a curbing of executive rewards.

So it's no great surprise that the government feels it should have a position on the subject of 'fat cat' pay. Today UK trade secretary Patricia Hewitt outlined the DTI's position, following a consultation period.

The radical conclusion? That it's basically up to shareholders to have their say.

The government's position means just such a stance is predictable. Hewitt and co are supposed to be the pro-business side of a pro-Joe Public political party. Some kind of fence sitting is the result.

But there's one thing we know for sure - rewarding executives for poor performance is not on.

The argument about executive pay is that if European companies don't offer top level packages the best talent will all go to the US. Besides saying it's time for US shareholders to get their act together - how about some trans-Atlantic co-operation? - there is the argument that letting over-paid bosses who ruin venerable businesses go Stateside is nothing more than an advantage to UK Plc, Deutschland GmbH and so on.

When times are good, we should welcome healthy salaries, stock options and the rest for the top brass - with profits spread around wherever possible.

But when times are bad, a £500,000 annual pay packet - with no frills or 'golden parachute' - should be enough to get by on. There's no arguing with that.