This Report had a mixed reception. The Committee, was et up by the Government to look into Directors' pay and benefits. It made recommendations in the form of a Code which all listed plc's are recommended to follow.
Further points cover common sense matterse.g.
All elements of a Director's remuneration should be disclosed including pension contributions and compensation for early termination. Annual bonus schemes should depend upon satisfactory stated performance criteria. Remuneration committees should take a firm line on payment of compensation where performance has been unsatisfactory. The report targets problems of larger companies but it also offers corporate governance pointers for all companies where the Directors are not also the major shareholders. This resource was written by Chris Jarvis for the BOLA project.