An industry leader has urged bosses to act responsibly on pay but called for an end to the "demonisation" of banks and other businesses.
Sir Roger Carr, president of the Confederation of British Industry (CBI), said big business was not bad business, stressing the importance of private companies in the fight against the economic downturn.
He told the annual conference of the CBI in London that the Government needed to build a mood of confidence to encourage investment from the private sector.
"We need to encourage all those in positions of authority - government, opposition, regulators and commentators - to stop the demonisation of industry, banking, energy or defence," Sir Roger said.
"Business large, medium and small is the engine of growth. They are interconnected, the creators of wealth, the heart of the economy.
"If we are to fight our way out of this tough corner, business should be valued, not vilified. By all means punish where appropriate, legislate or regulate where necessary, criticise the shortcomings when warranted, but base these actions on an objective assessment of the country's long-term best interests, not short-term populism."
Sir Roger, who is chairman of Centrica, said the quality and commitment of managers in UK banks, energy and other companies was "undoubtedly high", adding: "Like it or not, we have some way to go in winning universal support for business."
He told the 1,000 businessmen and women in the audience that the public did not like rewards for failure, high pay for mediocre performance, incompetence or lies.
"Neither do I, and I am sure neither do you, and it is up to us to stamp out bad practice whenever we see it," he added.
"If we are to ensure that business is both respected in society and the career destination of choice for our young and talented people, we must act responsibly in the way we pay ourselves, govern ourselves and conduct ourselves in every respect of our business lives."
