Business responds to our report on Performance-related Pay
We wrote to the remuneration committee at every FTSE 100 Company - see who responded!
Following publication of the final report of our commission on performance-related pay, the High Pay Centre wrote to the Chair of every Remuneration Committee across the FTSE 100.
We enclosed a copy of the report, showing that massive increases in Directors’ pay over the past two decades were not matched by corresponding increases in company performance.
As a result of the letter, we had constructive discussions with teams from SSE; Burberry; Rolls Royce; Marks and Spencer; Legal and General. In addition, we received letters from BT and Prudential acknowledging receipt of the report.
We have also arranged separate meetings with the Investment Association, who represent the asset managers who manage shareholdings on behalf of investors and have input into the pay policies of the companies in which they invest, and civil servants at the Department for Business Innovation and Skills(BIS). BIS is the Government department responsible for business policy and corporate governance.
Amusingly, our letters to Vodafone and Rio Tinto were returned unopened, with a note saying that the Chair of the Remuneration Committee at each company was ‘not known at this address’ (their respective head offices).
Since 1 January 2017 the average FTSE 100 CEO has earned:
Income inequality in the UK
Wealth inequality in the UK
- Full text of joint CIPD/HPC submission to UK BEIS department Feb 2017
This unprecedented joint submission signifies the importance of this moment: an opportunity to make meaningful, lasting reforms to executive pay and boardroom culture and practice
- Joint HPC/CIPD response to government corporate governance green paper
Reform of pay and governance structures matter to all employees. We are pleased to make a joint submission with the CIPD
- Fat Cat Wednesday 2017
Welcome back to work. FTSE100 bosses will have already clocked up an average annual UK salary by lunchtime today.