According to a recent survey, there is still too little information in the public domain on directors’ pension costs to allow company remuneration committees to make comparisons with other firms – a measure at the centre of best practice provisions in Stock Exchange listing rules.
Carried out by Lane Clark and Peacock, the survey, published at the end of December, covered 145 companies, of which 95 are in the FTSE 200, and a large number of UK subsidiaries of overseas companies.
Mark Jackson, author of the report, said: ‘We are delighted with the response to our survey, but the undeniable conclusions is that there is still far too little information in the public domain on this vital subject.’
The Stock Exchange’s Code of Best Practice enshrines the principle that firms should compare directors’ benefits with those in other firms.
‘But,’ said Jackson, ‘without the necessary information it is difficult for remuneration committees to do this effectively.’
Directors’ pensions are also consting more to provide, according to the survey and retail companies spent more on pensions than any other sector.
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