It is with great regret that we announce the imminent closure of the High Pay Centre.
Over the past two years, like many organisations in our sector, we have faced considerable fundraising challenges. There is less funding available, and some long-standing donors have left the sector. While we have worked hard to develop a more sustainable funding model, unfortunately we have not been able to secure new sources of funding to replace what has been lost.
Founded 15 years ago, our mission has always been to challenge the concentration of wealth and power in our economy and advocate for a fairer economy that builds prosperity and better serves the interests of people on low and middle incomes, as well as wider society and the environment.
During this time, we have played a leading role in increasing awareness of the extreme pay inequality perpetuated by our current corporate governance system. We have also highlighted how this is the product of a system in which workers, consumers and other stakeholders lack the power to hold major companies sufficiently to account.
The reforms we have advocated for, including greater transparency on executive pay and workforce pay ratios, as well as shareholder “say on pay”, have increased transparency and given investors greater opportunities to express their views on company decisions about pay and reward. However, while the gap between the pay of top executives and that of British workers remains in excess of 100:1, we are disappointed that successive governments and regulators have not gone further to address an economic model that continues to drive inequality.
Before we close later in July, we hope to publish our latest analysis of CEO pay and pay ratios in the FTSE 100, along with further reflections on what is needed to transform our economic model from one that exacerbates inequality into one that can deliver prosperity while better serving society and the environment.
In the meantime, we’d like to thank the many individuals and organisations who have supported our work over the years, including those who have donated to help support our survival in recent months. We know that many of you will be as disappointed as we are that this day has come. As so many of you have told us recently, the issues we have campaigned on are more important now than ever.
We are currently exploring whether other like-minded organisations may be able to continue this work, and we hope to share more information before our closure.
Thank you for your support over the past 15 years.
With thanks,
Employees and board members of the High Pay Centre
Tom Powdrill, Chair
Janet Williamson, Board Member
Deborah Sanders, Board Member
Ruth Lister, Board Member
Andrew Speke, Interim Director
Paddy Goffey, Head of Research