Upcoming Events

Sep
10
Tue
2019
9:00 am How to become a Non-Executive Di... @ The Waterfront
How to become a Non-Executive Di... @ The Waterfront
Sep 10 @ 9:00 am – 4:30 pm
Are you thinking of becoming a Non-Executive Director as part of a Portfolio Career or to develop your boardroom skills prior to taking up an executive director role? <img data-attachment-id='211' data-permalink='https://nedworks.net/how-to-become-a-non-executive-director-bristol-21-january-2013/boardroomlr/' data-orig-file='https://i1.wp.com/nedworks.net/wp-content/uploads/2013/01/boardroomlr-e1403708151819.png?fit=600%2C486&ssl=1' data-orig-size='600,486' data-comments-opened='0' data-image-meta='{'aperture':'0','credit':'','camera':'','caption':'','created_timestamp':'0','copyright':'','focal_length':'0','iso':'0','shutter_speed':'0','title':''}'[...]
Oct
8
Tue
2019
9:00 am The Effective Non-Executive Dire... @ Institute of Directors
The Effective Non-Executive Dire... @ Institute of Directors
Oct 8 @ 9:00 am – 4:30 pm
The effective Non-Executive Director course helps you to be an effective non-executive director. It instils a real sense of what is expected of NEDs, and how you can meet the challenge. <img data-attachment-id='113603' data-permalink='https://nedworks.net/10-things-non-executive-directors-can-do-to-satisfy-their-legal-responsibilities/ned3-2/' data-orig-file='https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=1500%2C883&ssl=1' data-orig-size='1500,883' data-comments-opened='0'[...]
Oct
22
Tue
2019
9:00 am How to become a Non-Executive Di... @ Institute of Directors
How to become a Non-Executive Di... @ Institute of Directors
Oct 22 @ 9:00 am – 4:30 pm
How to become a Non-Executive Director – London 22 October 2019 @ Institute of Directors
Find out how you can obtain a Non-Executive Director position by booking a place on this interactive 1-day course. <img data-attachment-id='113603' data-permalink='https://nedworks.net/10-things-non-executive-directors-can-do-to-satisfy-their-legal-responsibilities/ned3-2/' data-orig-file='https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=1500%2C883&ssl=1' data-orig-size='1500,883' data-comments-opened='0' data-image-meta='{'aperture':'0','credit':'','camera':'','caption':'','created_timestamp':'0','copyright':'','focal_length':'0','iso':'0','shutter_speed':'0','title':'','orientation':'0'}' data-image-title='NED3' data-image-description=' ‘ data-medium-file=’https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=300%2C177&ssl=1′ data-large-file=’https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=695%2C409&ssl=1′ class=’alignright size-medium wp-image-113603′ src=’https://i0.wp.com/www.nedworks.net/wp-content/uploads/2015/04/NED31-300×177.png?resize=300%2C177&ssl=1′[...]
Nov
6
Wed
2019
9:00 am The Effective Non-Executive Dire... @ Institute of Directors
The Effective Non-Executive Dire... @ Institute of Directors
Nov 6 @ 9:00 am – 4:30 pm
The effective Non-Executive Director course helps you to be an effective non-executive director. It instils a real sense of what is expected of NEDs, and how you can meet the challenge. <img data-attachment-id='113603' data-permalink='https://nedworks.net/10-things-non-executive-directors-can-do-to-satisfy-their-legal-responsibilities/ned3-2/' data-orig-file='https://i1.wp.com/nedworks.net/wp-content/uploads/2015/04/NED31.png?fit=1500%2C883&ssl=1' data-orig-size='1500,883' data-comments-opened='0'[...]

Committee on Mutagenicity of Chemicals in Food, Consumer Products and the Environment (COM) – Members

Members – Committee on Mutagenicity of Chemicals in Food, Consumer Products and the Environment (COM) Location: London Date Posted: 19/08/2019 Closing Date: 01/10/2019 Vacancy Description Ministers are seeking to make two appointments to the Committee on Mutagenicity of Chemicals in Food, Consumer Products and the Environment: one Lay Member and one Expert Member. Role and […]

The post Committee on Mutagenicity of Chemicals in Food, Consumer Products and the Environment (COM) – Members appeared first on NEDworks.

[…]

Press release: Witney bouncy castle boss disqualified for 5 years

Director of a Witney inflatables hire company banned for similar tax offences that led to her husband’s disqualification four years previously. […]

Shareholders ‘don’t understand executive remuneration policies’

remuneration policies, executive pay

Shareholders may not understand executive remuneration policies when they are presented for approval, according to a new report.

The annual research from the High Pay Centre, a campaign group, and the CIPD, a chartered institute for HR professionals, concludes that voting patterns may indicate that remuneration policies are so complex that shareholders may not fully understand what they may lead to.

The report found that no remuneration policy for a FTSE 100 company has been defeated at an AGM since shareholder voting was introduced in 2013. The mean level of dissent for policies in the 2017–18 season was just 6%. The level for remuneration reports was 7%, though 11 companies did see votes against in excess of the 20% deemed to be a “shareholder revolt”.

“The weak relationship between pay and votes on the pay policy… suggests that shareholders may not entirely understand what the policies entail,” said the report.

“They are much more likely to vote (retrospectively) against a very high pay award than to oppose the policies that ultimately lead to those awards.”

In a comment included in the report the CIPD said “discrepancies” between high approval for remuneration policies and lower approval for reports may mean “not even shareholders in the company know what the policies will result in”.

This year’s report found that median pay for FTSE 100 CEOs has fallen by 13% from £3.97m in 2017 to £3.46m in 2018. Median CEO pay is 117 times bigger than median pay of a UK full-time worker earning £29,574.

A number of reasons are proposed to explain why pay has fallen, including the possibility of greater restraint on pay, lower awards through long-term incentive plans (LTIPs) or a dip in the business cycle.

The findings are in line with research released last week by Deloitte, which found that fewer companies faced shareholder revolts, indicating that companies were beginning to pay attention to complaints about pay during shareholder engagement.

Added responsibilities

The High Pay Centre and CIPD concluded that pay remains at “elevated levels” when compared with the wider workforce. Their report recommends disclosure of a single figure for CEO pay be extended to the pay of all executive directors. It also calls for remuneration committees to take on added responsibilities such as organisational culture and rewards for the wider workforce.

A previous report from the High Pay Centre, Reforming the RemCo, called on companies to create dedicated “people and culture” committee to replace remuneration committees.

The report also calls for greater emphasis on non-financial measures of CEO performance and the simplification of CEO pay packages.

According to Luke Hildyard, executive director of the High Pay Centre, there is good news in the report as pay falls, but it remains too early to call it a trend.

“Investor stewardship and board oversight of of pay is definitely better than it was a few years ago. Public pressure is probably the reason for that. High pay levels have been a source of public controversy and that has registered with boards and shareholders and that is because they want to be seen to be doing something.”

He added: “I wouldn’t want to overstate the quality of stewardship and governance of pay, but a small change in culture can be seen.

“From our perspective it is too early to see whether that will be sustained.”

The post Shareholders ‘don’t understand executive remuneration policies’ appeared first on Board Agenda.

[…]

Sussex Cricket Limited (SCL) – 2 Independent Non-Executive Directors

2 Independent Non-Executive Directors – Sussex Cricket Limited (SCL) Location: Hove Date Posted: 16/08/2019 Closing Date: 15/09/2019 The SCL Board is seeking to identify and co-opt two independent Non-Executive Directors within the next year (by June 2020). It invites interested parties to attend a Briefing session with the Chair of SCL and the Chief Executive, […]

The post Sussex Cricket Limited (SCL) – 2 Independent Non-Executive Directors appeared first on NEDworks.

[…]

US business leaders pledge to ‘redefine corporate purpose’

Jamie Dimon

It’s been a long running debate in recent years but now a group of heavyweight business leaders in the US have chosen a side. Business Roundtable, a body whose members include Julie Sweet, chief executive of Accenture, and Jeff Bezos of Amazon, has redefined the purpose of the corporation.

Rejecting the orthodox view that companies exist to “maximise shareholder value”, Business Roundtable issued a statement saying: “Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.”

The statement has been widely reported and viewed by many as an important step in re-establishing trust in business. Jamie Dimon, chair and CEO of JPMorgan Chase, as well as chair of Business Roundtable, associated the topic of purpose with the US’s central cultural value, the “American dream”, which he described as “alive and well, but fraying”. The answer, he suggests, is a recalibration, while mobilising another significant term in current business discourse: the “long term”.

“Major employers are investing in their workers and communities because they know it is the only way to be successful over the long term,” says Dimon. And referring to Business Roundtable’s new set of guiding principles, Dimon said they “reflect the business community’s unwavering commitment to continue to push for an economy that serves all Americans”.

‘A more sensible and sustainable model’

In many respects, the question of “purpose” for companies has been an issue since the financial crisis in 2008. Indeed, as business leaders grappled with the loss of public trust in business and companies (they have been accused of being “sociopathic” entities) the subject of corporate purpose has been the subject of widespread debate. Organisations have been launched to help campaign for a change in understanding what corporate purpose should be.

Frank Bold, a campaigning law firm, set up a project dubbed The Purpose of the Corporation specifically to respond to the view that the crisis stemmed from a short-termist approach to profits driven by a “shareholder value” model of corporate purpose and governance.

According to Filip Gregor, head of the responsible companies section at Frank Bold, Business Roundtable’s statement is a “major positive development”. He views the organisation as having reversed its previous stance, a move Gregor says “marks the beginning of the transition towards a more sensible and sustainable corporate governance model”.

Leaders of global companies are listening, says Gregor, while the statement also reflects developments elsewhere, among them South Africa’s King IV Corporate Governance Code, which rejects shareholder primacy for a “multi-capital model” recognising the importance of all stakeholders.

Climate change and a concern for the long-term have also driven the development of the European Commission’s Sustainable Finance Action Plan.

Elizabeth Warren, a Democrat candidate for the 2020 US presidential elections, has attempted to change the US debate about governance with her Accountable Capitalism Act, proposed legislation that would place employees on the boards of the biggest US corporations, as well as giving companies the duty of “creating a general public benefit”.

Gregor says: “The statement of Business Roundtable sends a clear message: leaders of the global companies think that putting shareholder interests first and bending to the short-term pressures of capital markets is not a viable business strategy.”

He adds the most significant element of the statement is the message it sends to policy makers. “As recognised in the EC Sustainable Finance Action Plan, capital markets are plagued by extremely short-term horizons,” says Gregor. “This undue short-termism then forces companies to become overly focused on short-term financial performance at the expense of everything else.”

The end of shareholder primacy?

There are those who see the US playing catch-up on shareholder primacy and the issue of sustainable business strategy. Philippa Foster Back, director of the Institute of Business Ethics, says the Roundtable’s comments are “welcome”, but companies in Europe and the UK are “further along” in their thinking about who their constituents are. The UK Corporate Governance Code, for example, stresses the need for “long-term” thinking and asks that companies set out their “purpose”.

Section 172 of the UK’s 2006 Companies Act also asked corporate directors to consider the interests of all stakeholders. However, Foster Back is cautious about a complete rejection of shareholders as an important part of governance.

“Shareholders do own companies and institutional investors are far more active in their ownership than they used to be,” she says, “so I am not sure this is the end of shareholder primacy or that it is right it should be. Were it to be, then company law would need to be re-written.”

That said, shareholder primacy has been under attack. Books from academics and articles from prominent commentators have pointed to a belief that the corporation is unwell and in need of treatment.

Colin Mayer, a professor at Saïd Business School, last year published Prosperity, in which he argues that a business that pursues only profits is likely to produce bad business. In an article on Mayer’s book, Financial Times columnist Martin Wolf wrote “there is no reason” to believe that the Anglo-American model of governance with shareholders on a pedestal is always the best.

“We should be explicitly encouraging a thousand different flowers of governance and control to bloom. Let us see what works,” he wrote.

Business Roundtable seems to be sowing its own seeds in the garden of governance.

Statement of principles from Business Roundtable

“While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders. We commit to:

• Delivering value to our customers. We will further the tradition of American companies leading the way in meeting or exceeding customer expectations.

• Investing in our employees. This starts with compensating them fairly and providing important benefits. It also includes supporting them through training and education that help develop new skills for a rapidly changing world. We foster diversity and inclusion, dignity and respect.

• Dealing fairly and ethically with our suppliers. We are dedicated to serving as good partners to the other companies, large and small, that help us meet our missions.

• Supporting the communities in which we work. We respect the people in our communities and protect the environment by embracing sustainable practices across our businesses.

• Generating long-term value for shareholders, who provide the capital that allows companies to invest, grow and innovate. We are committed to transparency and effective engagement with shareholders.

Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.”

The post US business leaders pledge to ‘redefine corporate purpose’ appeared first on Board Agenda.

[…]

DIT Audit and Risk Assurance – Committee Member

Committee Member – DIT Audit and Risk Assurance Appointing Department: Department for International Trade Sector: Business, Finance & Skills Location: London Skills required: Audit and Risk, Business / Commercial, IT / Digital Number of Vacancies: 1 Remuneration: £5,000 per annum. Time Requirements: Approximately 12 days per annum, including at least five Audit and Risk Assurance […]

The post DIT Audit and Risk Assurance – Committee Member appeared first on NEDworks.

[…]

Walsall Housing Group – Board Member

Board Member – Walsall Housing Group Business / Organisation Name: Walsall Housing Group Business / Organisation Sector: Not-for-Profit Business / Organisation Website: https://www.whg.uk.com/careers/board-and-committee-members/ Business / Organisation Type: Charity or Not-for-Profit Role Title: Board Member Remuneration: Paid Role Description As one of the Midlands’ leading landlords, whg helps thousands of people access safe, affordable and energy […]

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Brio Leisure – Non-Executive Director

Non-Executive Director – Brio Leisure Business / Organisation Name: Brio Leisure Business / Organisation Sector: Not-for-Profit Business / Organisation Website: http://www.brioleisure.org Business / Organisation Type: Association Role Title: Non-Executive Director Remuneration: Paid Role Description Non Executive Director Job reference: REF-18-GBSV9TL We’re Brio Leisure – the ambitious and innovative face of community leisure! Our mission is […]

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[…]

Press release: Thousands of nuisance calls lands property boss 5-year ban

A property renovation boss who caused his company to make more than 110,000 unsolicited marketing calls has been banned for 5 years. […]

Multinational wholesale and retail group – Non-Executive Director

Non-Executive Director – Multinational wholesale and retail group Recruiter: Simpson Judge Published: 13th August 2019 Location: Milton Keynes, United Kingdom Category: Executive Appointments Job Type: Permanent Salary{ £12000 per annum DESCRIPTION The Company A multinational wholesale and retail group with multiple sites in the UK and Asia. The current CEO is looking to add and […]

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