UK - Trade secretary Patricia Hewitt has dismissed calls to delay the implementation of Derek Higgs's proposals on the role of the non-executive director.
Hewitt told the Association of British Insurers’ national conference that investors must support proposals and stop trying to delay reform in corporate governance.
She added: “I challenge you to move Higgs on, to look beyond simple non-compliance and to move away from ‘box-ticking’ – even if the company asks for it.
“I’ve got concerns that some parts of the investment community are turning ‘comply or explain’, by stealth, into a de facto ‘comply or else’.”
Hewitt also highlighted the issue of executive remuneration saying: “My quarrel is with rewards for failure – directors receiving extraordinary payoffs for delivering falling profits, dwindling shareholder value, redundant workers and out-of-date skills.”
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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