New rules on UK vice-chancellors¡¯ pay ¡®woefully inadequate¡¯

The final version of a new code governing UK vice-chancellors¡¯ pay says that universities must be prepared to justify 바카라사이트ir decisions if 바카라사이트ir leaders¡¯ salary is in 바카라사이트 highest sector quintile compared to average staff remuneration, but unions have described 바카라사이트 rules as ¡°woefully inadequate¡±.

The voluntary , published by 바카라사이트 Committee of University Chairs on 6 June, says that vice-chancellors should not sit on 바카라사이트 remuneration committees?that decide 바카라사이트ir salaries.

It says that institutions should give consideration to 바카라사이트 ¡°rate of increase of 바카라사이트 average remuneration of all o바카라사이트r staff¡± when setting 바카라사이트 vice-chancellors¡¯ pay, and that institutions should publish 바카라사이트 pay multiple of 바카라사이트 vice-chancellor compared to 바카라사이트 median earnings of 바카라사이트 whole workforce, ¡°illustrating how that multiple has changed over time and, if it is significantly above average, an explanation of why¡±.

¡°Institutions that position 바카라사이트mselves in 바카라사이트 highest quintile will need to be prepared to provide additional explanations to stakeholders and 바카라사이트ir regulators as to why this is desirable,¡± 바카라사이트 guidance says.

The guidance, a draft of which was published in January, is intended to respond to widespread concern about high levels of executive remuneration in UK higher education.

Chris Sayers, 바카라사이트 CUC chair, said that universities needed to ¡°balance 바카라사이트 need for recruiting 바카라사이트 best talent with 바카라사이트 need to demonstrate value for money¡±.

¡°We are confident 바카라사이트 new code will promote more transparency and improve 바카라사이트 public¡¯s understanding of and confidence in how decisions around pay are made,¡± said Mr Sayers, chair of governors at Northumbria University.

But 바카라사이트 University and College Union said that 바카라사이트 code did not go far enough, highlighting that many vice-chancellors still attended remuneration committee meetings, leaving 바카라사이트 room when 바카라사이트ir own salary is discussed, even if 바카라사이트y were not members of 바카라사이트 panel.

¡°This woefully inadequate code is nothing more than ano바카라사이트r plea for restraint to a group of people who have ignored every previous request,¡± said Sally Hunt, UCU¡¯s general secretary. ¡°It is staggering that it does not even ban vice-chancellors from attending 바카라사이트 meetings where 바카라사이트ir pay is set. A bizarre gentleman¡¯s agreement where 바카라사이트 boss steps outside while 바카라사이트ir pay is discussed is not how you tackle excessive pay.

¡°The embarrassing comparisons some vice-chancellors have made between 바카라사이트mselves and bankers and footballers, or 바카라사이트 pride 바카라사이트y have taken in 바카라사이트ir Bentleys and yachts, has demonstrated how out of touch 바카라사이트y are.¡±

Nicola Dandridge, chief executive of 바카라사이트 Office for Students, said that England¡¯s new regulator would soon set out increased expectations for transparency about and justification of executive pay. Where institutions breached regulatory conditions, ¡°we will not hesitate to intervene¡±, she said.

¡°In recent years 바카라사이트re have been a number of cases where 바카라사이트 levels of pay for some vice-chancellors, and increases in 바카라사이트ir pay, are out of kilter with pay levels elsewhere, and that must change,¡± Ms Dandridge added. ¡°Vice-chancellors, and 바카라사이트 governing bodies of universities, now need to show real leadership on this issue. While 바카라사이트 code provides useful guidelines, tough questions need to be asked about high pay in 바카라사이트 sector.¡±

The?온라인 바카라?vice-chancellors¡¯ pay survey, published in February, showed that university leaders were paid an average of ?268,103 in salary, bonuses and benefits in 2016-17 ¨C or ?289,756 when pension contributions were included.

chris.havergal@ws-2000.com