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Business and Economy
Less than a third of FTSE 100 companies are Living Wage accredited. The new Living Wage was announced today, rising to £8.45 in the UK, and £9.75 in London, but only 29 of the UK’s largest companies are officially signed up to pay the Living Wage.
Meanwhile, at the other end of the scale, the average pay for a FTSE 100 CEO rose 10% last year to £5.5m, 341 times more than the new UK Living Wage, and 296 times the new London Living Wage.
The Business, Energy and Industrial Strategy Select Committee is conducting an inquiry on corporate governance, focussing on executive pay, directors' duties, and the composition of boardrooms, including worker representation and gender balance in executive positions.
Responding to the consultation, Executive Director of The Equality Trust, Dr Wanda Wyporska, said:
The World Bank has said its goal of eliminating extreme poverty by 2030 cannot be achieved without reductions in within-country inequalities. In a new report published today, Taking on Inequality, the World Bank said 'inequality in outcomes and inequality of opportunity are intimately connected' - with a level playing field impossible when such vast differences in economic resources exist.
Theresa May MP, the presumed future Prime Minister after Andrea Leadsom's withdrawal from the Conservative leadership race, has promised to ensure that workers are represented on company boards and that shareholders get a binding vote on corporate pay. She also called for pay ratios to be made transparent.