Is it time for a new paradigm? Board Remuneration Committees of major companies, of which financial services represent a significant proportion, generally seek information and occasionally advice from consulting organisations in positioning their remuneration strategy.
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As a Federal election year, 2019 is likely to see ongoing comment on the equity and equality of pay as the two major political parties seek to identify workplace support for policies somewhat different in character.
The recently released Report from the Government’s Workplace Gender Equality Agency (WGEA) indicates greater representation of women in leadership roles in the five years to July 2018, with representation among Key Management Personnel (KMP) increasing from 26.1% to 30.5%.
In its recent Report spanning five years of data collection to July 2018, the Workplace Gender Equality Agency observed a decline in the pay gap between males and females employed full time from 24.7% to 21.3%.
The forensic examination of documents by the Hayne Royal Commission is likely to lead to additional demands being placed upon Remuneration Consultants and Board Remuneration Committees.