Business Secretary Greg Clark today discussed executive pay and how workers’ voices can be better heard in the boardroom as he co-hosted a roundtable with TUC General Secretary Frances O’Grady.
Experts from top businesses, institutional investors, unions and academia also took part in the discussion as part of a series of events to help inform the Government’s consultation on corporate governance reform.
Chaired by the High Pay Centre’s Director, Stefan Stern, the event focused on identifying practical ways of improving the connection between boardrooms and employees, and options for ensuring that executive pay is set on a fair basis.
Following the meeting, Business Secretary Greg Clark said:
“We have one of the most admired systems of corporate governance in the world and it is important that we hear from as many people as possible to understand how we can make further improvements to equip us for the opportunities and challenges that lie ahead.
“It was valuable to host a discussion with such a diverse group, all with the common goal of making sure Britain remains the place where business is done the best.”
General Secretary of the TUC Frances O’Grady said:
“This is an important conversation to have about British corporate governance.
“Workers on boards is a common sense idea to ensure the voices of ordinary workers are heard at the highest levels. Common across much of Europe, the evidence shows that workers on boards are valued by other board members and work well for business, workers and the broader economy.
“We stand ready to help make it a reality.”
The full list of participants at today’s event is as follows:
Big business:
- Nationwide
- Rolls Royce plc
Institutional investors:
- Aberdeen Asset Management
- Hermes Investment Management
- Legal and General Investment Management
Business representative bodies:
- Confederation of British Industry (CBI)
- Institute of Directors (IoD)
Trades unions:
- IF Metall, Sweden
- Prospect
- Trade Union Congress (TUC)
- Union of Shop, Distributive and Allied Workers (USDAW)
- Unite
Academics and think tanks:
- Board Intelligence
- The High Pay Centre
- Involvement and Participation Association (IPA)
- IPPR
- Royal Holloway College
- Tomorrow’s Company
The corporate governance reform green paper consultation is open until 17 February. The views of businesses, investors, employees and consumers with an interest in corporate governance reform are welcomed. The full consultation paper and views can be submitted online.
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