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receiving extraordinary payoffs for delivering falling profits, dwindling shareholder value, redundant workers and out-of-date skills.”
Many single-employer trust-based DC schemes will move to a master trust in coming years. Stephen Richards looks at the pitfalls they need to avoid
Robin Ellison says it is not unreasonable for schemes and their trustees and sponsors also to expect an improvement in the tone of regulation
The Pensions Regulator (TPR) has ordered a firm to pay back more than £700,000 of pension contributions after it miscalculated the amounts due for more than a year.
Insurers are set to face a "flood of requests" from pension schemes for buy-in contracts to be restructured to allow for guaranteed minimum pension (GMP) equalisation, Aon warns.