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Tag: worker

Firms will have to justify worker to boss pay gap

Firms will have to justify worker to boss pay gap

Business
Large firms will have to publish and justify their chief executives' salaries and reveal the gap to their average workers under proposed new laws. UK listed companies with over 250 staff will have to annually disclose and explain the so-called "pay ratios" in their organisation.The move comes after years of shareholder and public outrage over bumper chief executive pay at firms such as Persimmon, WPP, BP, Shell, Lloyds, Astrazeneca, Playtech and William Hill.Last week housebuilder Persimmon admitted a raft of failures that led to an embarrassing shareholder rebellion over pay as MPs slammed an "egregious" pay deal for top bosses worth over £100m.The company's chairman and the head of the remuneration committee resigned after anger over their bonuses:: Persimmon bo...
FTSE chiefs forced to heed average worker pay

FTSE chiefs forced to heed average worker pay

Business
Boardroom pay committees at public companies will be forced to show how remuneration is aligned between bosses and their employees under plans to be set out this week by regulators.Sky News has learnt that the Financial Reporting Council (FRC) will publish a consultation on revisions to the UK corporate governance code which will include giving remuneration committees a formal responsibility to demonstrate the alignment between boardroom and workforce pay.There will also be a requirement for boards to explain to their workforces how the decisions they have taken on executive packages reflect their overall pay ā€ˇpolicies.The plans, to be set out on Tuesday, will reflect growing pressure from ministers for the private sector to show greater restraint at a time when the pay packets of many wor