Investors pressure top companies on low pay
A coalition of investors including charities and churches is set to use its influence as shareholders and challenge the UK’s largest companies to pay a living wage to all their staff.
The Joseph Rowntree Foundation, the Sigrid Rausing Trust and the LankellyChase Foundation have joined with the likes of the Central Finance Board of the Methodist Church and fund manager CCLA to back Fairpensions’ ‘JustPay!’ campaign.
The campaign is aiming to mobilise both institutional investors and the customers of the UK’s top companies to help the 3.5 million workers in the UK earning less than £7 an hour.
Catherine Howarth, chief executive of FairPensions, said she was pleased to receive such support for the campaign.
“CEOs and chairmen of Britain’s biggest companies can expect to be challenged at their AGMs this year.
“We’re very much looking forward to helping shareholders bring the issue of low pay straight to the top of FTSE 100s.”
Tomorrow will also see the coalition of investors write jointly signed letters to the CEOs of each of Britain’s top countries.
Nick Tatman, chair of the LankellyChase Foundation, said: “We are pleased to support the campaign to encourage FTSE 100 companies to adopt living wage standards.
“By so doing, the corporate sector can affirm that social justice should have a place in its remuneration policies that all too often in the public eye is seen to benefit executives to the detriment of the lower paid. It would also set a fine example for others to follow.”