High Pay Centre and CIPD report launch on reforming remuneration committees to ensure better outcomes for people and pay governance (12:00-13:00, Wednesday 28 July)
Watch the discussion in full here.
- Neil Morrison, HR Director, Severn Trent Plc
- Dr. Scarlett Brown, Policy Consultant, CIPD
- Rachel Kay, Researcher, High Pay Centre
In 2018, changes to the UK Corporate Governance Code initiated reforms to broaden the remit of boards and remuneration committees (RemCos) to ensure that company boards paid more attention to people management issues such as culture, fair and proportionate workforce pay, and employee engagement. The COVID-19 pandemic and the attention that it has drawn to social and economic inequalities has also shone a spotlight on corporate pay and employment practices.
In 2019, the High Pay Centre (HPC) and the CIPD published a report arguing that companies should improve their people and pay governance through RemCo reform and the inclusion of the workforce in the pay-setting process. Building on this, HPC and the CIPD are now putting out new research offering practical guidance to HR leaders and board members on how to achieve this. This guidance is based on existing examples of good practice, and is drawn from a series of interviews with HR and reward leaders.
Our panel will discuss the research findings, sharing their views on how companies can strengthen their people and pay governance. They will reflect on examples of companies where progress is being made in this area, as well as looking at the existing challenges and how these can be mitigated.