Ecology responds to the Government’s pay ratio proposals

29 November 2016

Earlier today the Government published a Green Paper on Corporate Governance Reform that included proposals for companies to report on pay ratios.

Ecology has had a long standing commitment to fair pay and, as well as being a Living Wage accredited employer, we have a policy that no basic salary will currently exceed a maximum of five times the lowest full grade available.

Responding to today’s announcement, Paul Ellis, Chief Executive, Ecology Building Society commented,

“We welcome today’s proposal that companies may be required to publish pay ratios.

“We believe that gross inequality has an environmental cost, which is why we were among the first organisations in the UK to implement a member mandated fair pay ratio to limit maximum salaries.

“Our employees play a vital role in helping to deliver our mission to build a greener society and we believe that fair pay helps us reap business benefits such as lower staff turnover and improved customer service and overall satisfaction.”

The Green Paper on Corporate Governance Reform can be found at https://www.gov.uk/government/consultations/corporate-governance-reform and the deadline for responding to consultation is 17 February 2017.