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Walker Review – The final report’s recommendations on remuneration |
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There have been a number of further remuneration developments since the publication of the draft version of the report in July 2009. These include the issue of the FSA’s Remuneration Code in August, publication of the G20 remuneration standards in September, various banks publicly adhering to the FSA’s Remuneration Code and the G20 standards this autumn, and more recently the publication of the Financial Services Bill.
Generally, Sir David’s final recommendations generally repeat those set out in the draft report, an analysis of which was provided in our previous Law-Now and can be accessed here. However, his final report makes a few changes to the initial recommendations and sets out more detail on how affected companies need to report pay in bands for relevant employees.
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Current News
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The FSA has today released a Consultation Paper, which contains proposed revisions to its Remuneration Code affecting pay in the financial services sector. The revisions are proposed to take effect from 1 January 2011 and will mean far more firms are brought within its ambit. ...
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There have recently been very well-publicised European developments restricting banking pay. However, the important thing to note is that all financial sectors (not just the banking sector) will, sooner or later, be affected by remuneration restrictions originating in European law and so this is just the start of wider changes across the industry....
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The Prime Minister and his deputy Nick Clegg unveiled their Coalition Agreement, “The Coalition: our programme for government”, on 20 May 2010. It expands the initial agreement reached in the Conservative/Liberal Democrat coalition negotiations on 11 May 2010. However, it lacks significant detail. The new Coalition Government states it will “review employment and workplace laws, for employers and employees, to ensure they maximise flexibility for both parties while protecting fairness and providing the competitive environment required for enterprise to thrive.” What this will mean in practice is currently unclear....
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Several new employment legislative changes are due to be introduced from 6 April 2010....
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The European Commissioner for Justice, Fundamental Rights and Citizenship, Viviane Reding, has decided to take action to reduce the gender pay gap as part of a five-year strategy for gender equality. ...
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Jefferson Hunt Limited has been admitted as an International Member of the association of Professional Background Screeners and subscribes to their “code of ethics”....
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However the key issue in this week's show has to be the embellishment of the candidates’ CV’s....
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Dodgy CVs can be - literally - a matter of life and death for organisations. A survey by NDF Associates last month found that a third of NHS trusts had identified health workers who had used fake CVs....
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Industry Quotes |
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“more than 7.5 million of Britain's 25.3 million working population have misled their potential employer while applying for a job.”
Mori .
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Quote of the Week
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“"Never be in a hurry; do everything quietly and in a calm spirit. Do not lose your inner peace for anything whatsoever, even if your whole world seems upset."
Saint Francis de Sales.”
Saint Francis de Sales
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