PwC has announced the winners of its 2016 Building Public Trust in Corporate Reporting Awards with Pearson taking first place in the FTSE 100 category for executive remuneration reporting. You can read comments from the independent judging panel to see how these organisations differentiated themselves: click here
Highly commended last year, Pearson takes first place this time with an honest and engaging remuneration report that is very open about challenges faced during the year. The reporting hits the ground running with a very readable statement from the RemCo chairman, tackling some thorny issues up-front. The judges also commented positively on the table showing the comprehensive single total figure, complete with information including the make-up of each figure or percentage of opportunity. There is also a clear explanation of movements in share interests, including the status of outstanding awards. 'The report is very frank about difficulties faced during the year and payments to former directors,' commented a judge. 'It feels like the company is declaring issues before it’s challenged on them. I like that.'
Highly informative and engaging remuneration reporting that gets off to a flying start with an excellent letter from the RemCo chairman. One judge commented: 'The letter is very candid. It tells you everything you need to know on one page – an overview of business performance and pay outcomes, decisions made, and engagement with shareholders.' Another added: 'If you only read that letter, you would have good feel for the decisions the company made and why.' The quality and linkage are sustained throughout, with a well-presented 'at a glance' section providing a concise explanation of T&L’s remuneration policy, performance target outcomes and actual pay versus scenarios.