In response to the UK government’s white paper on corporate governance published on 29 August, ACCA says:

‘ACCA welcomes today’s proposals on pay-ratio reporting as a step in the right direction.  The introduction of these measures must be accompanied by relevant information on how these ratios are calculated and how they compare with industry averages. Boards should also be encouraged to explain what they view as an acceptable ratio between the highest and lowest paid staff.

‘Identifying the underlying causes contributing to excessive executive remuneration, still remains an issue that needs to be resolved. Better public understanding of the correlation between pay, performance and organisational culture is a priority. 

‘While we support the use of the code to strengthen the voice of the employee in the boardroom, this needs to be more than tokenism if it is to work credibly.

‘We look forward to continuing to work with government on this important issue on behalf of over 80,000 of our UK members.’

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Notes to Editors

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 198,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,291 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com