What is a Reward Manifesto? Why might we need one? And how can it help us to prepare for the turbulent decade that we set out so vividly in our Building a Future Fit Workforce report?
In a world dominated by purpose and values, top executives can no longer think on their feet, giving their personal views in response to employee, shareholder, or media challenge. Companies are undoubtedly now subjected to far greater scrutiny. The stakes have risen, as ESG criteria are forced to be more transparent and their measurement more robust, and as incentive pay forms an ever-greater proportion of reward. Boards and their Committees need a sharp sensitivity to the shifting rules of the game and the invisible red lines beyond which their decisions cross the line of stakeholder acceptability.
This event is aimed at those who advise Top Management on the critical areas on which reward policy needs to be developed and how best it should be articulated to key stakeholders. We will provide a framework which assesses the range of positions that might be adopted on each topic and the relative merits of each.
- How do you decide what is fair and what is excessive in pay decisions – and how is this justified?
- How is your reward policy aligned with your company’s stated purpose and values?
- How does your reward policy drive organisational performance – and what percentage of reward for senior executives is truly variable?
- What are your ESG goals – and how do they affect reward outcomes? What comes first?
- Do you have a flexible approach to retirement – and how do you support your employees in their preparation for later life?
- Do you tolerate gender and ethnicity pay gaps? And what are you doing in practice to mitigate and eliminate them?
The aim is not to identify best practice. That will be determined by the organisational context. The word “Manifesto” comes from the Latin word for clarity. In an environment where challenge is the norm, gaining a shared clarity around the critical aspects of your organisational reward policy and practices has never been more important.
Our research report will be based on empirical academic research and interviews with a range of Executive and Non-Executive Directors (including RemCo Chairs), Institutional Investors, Academic Institutions, and Financial Journalists.
To bring diversity of insight and perspectives to our event, we will be joined by a panel of expert practitioners and academics with a track record of experience and research in this field.
Chairman of The Remuneration Consultants Group and Senior Independent Director and RemCo Chair of Foxtons
Alan is Chairman of The Remuneration Consultants Group, Senior Independent Director and Remuneration Committee Chair of Foxtons plc, and a Non-Executive Director of Murray Income Trust plc. He is also an Associate Fellow of Saïd Business School, University of Oxford, and an Honorary Visiting Professor at Bayes Business School, City, University of London, where he is Deputy Chair of the Advisory Board of the Mergers & Acquisitions Research Centre.
Alan has extensive retail sector experience, having been Chairman of Fat Face from September 2006 until July 2013. Earlier in his career he formed HMV Group as Chief Executive in 1998 as a leveraged buy-out and led the Group through its London Stock Exchange IPO in 2002 before retiring from the Group in September 2006 to develop a portfolio of non-executive and teaching roles. From 1993 to 1998 he was Managing Director of Waterstone’s, having joined WH Smith Group in 1982 and being appointed to their board in November 1995. He also served as Operations and Development Director for Do It All and General Manager (Books) for WH Smith Retail. Prior to this, he spent seven years in buying and marketing roles with Boots. He was a non-executive director of Rentokil Initial plc from 2006 to 2017, Wilson Bowden plc from 2004 to 2007 and Somerfield plc from 1993 until 2004. He was also a non-executive director of The Competition & Markets Authority until March 2019, having been a non-executive director of the Office of Fair Trading from 2007.
He attended Merton College, University of Oxford, where he graduated in Physics and holds a Masters in Management degree from The Graduate School of Business, Stanford University, California. He was awarded an OBE for services to business and the UK economy in 2018.