Business chiefs in the United Kingdom should heed a warning over executive pay and tax evasion from the country's new prime minister according to the Institute of Directors.
Theresa May who will be installed as Britain's new leader after meeting the Queen tonight, has pledged to overhaul corporate governance rules, make big companies pay their tax and put "ordinary, working people" first.
In a speech Monday May said it didn't matter "whether you're Amazon, Google or Starbucks; you have a duty to put something back. You have a debt to your fellow citizens and you have a responsibility to pay your taxes".
This was complemented with a promise to make shareholder votes on executive pay binding.
"It is not anti-business to suggest that big business needs to change," she said.
Simon Walker, Director General at the Institute of Directors told CNBC Wednesday that he believed May's firm approach toward big business is timely.
"There has been greed at the top in British business for some years. Executive salaries have just got way out of hand. I've warned businesses for some time, that unless they curb this voluntarily then a government is going to take action", he said.
Walker said Theresa May is a believer in the free market and he is hopeful she doesn't reach for regulation too quickly.
"I'd far rather business was providing its own solutions that dealt with these very real problems. But unless business deals with it, politicians are going to have a hand in it and they will get it wrong," he said.