The doctors' power rests on their professional prestige rather than managerial acumen, for which they are neither selected nor trained.

ECONOMIST: The future of medicine: Squeezing out the doctor | The

In theory, the greater transparency in respect of what executives are paid, combined with the new compulsion for companies to stick to pay policies agreed with investors, should change the balance of power between investors and boardrooms, in favour of the owning class and away from the managerial class.

BBC: Will empowered investors curb excessive pay?

It also urged ministers to do everything within its power to ensure that the crisis at the SQA is never repeated, and attacked the "managerial incompetence" the shown by the organisation during last year's fiasco.

BBC: Conference hears exams call