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).