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2014 PROGRAMME Dedicated to improving the relevance and effectiveness of performance and reward


2014

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2014 Programme

Global trends are already changing our world. Not being aware of the underlying forces, and failing to take appropriate and timely action, could potentially turn your life and business upside down. Professor Adrian Done IESE Business School

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Welcome to PARC in 2014 Welcome to our PARC 2014 Programme, the 10th year in which we have been facilitating analysis and comment, research and discussion around the way organisations measure and improve performance and assess the rewards of their people. In what will undoubtedly be another absorbing year, public debate will continue on the link between performance and reward in a number of high-profile sectors and comparisons will be drawn with those groups who, as a result of government policy, continue to receive minimal or zero increases in remuneration. All this is against a backdrop of rising economic and business confidence, falling unemployment, uncertain inflationary pressures and the real possibility of the property market overheating. In a pre-election year, all parties are beginning to make pledges as to what they might do should they be elected and debate about fairness, equality and social mobility continues to be prominent. With the Eurozone problems anything but solved and uncertainty regarding energy supplies, transport, welfare policy and further immigration, 2014 is likely to be another challenging year for organisational policy makers focusing not only on the detail of their performance and reward strategies but, as ever, being able to do this with a full understanding of the complexities of the economic, political, technological and social landscape. At PARC we continue to promote conversations with our members and to identify those issues which appear of most importance to them – not just in the detailed technical areas of performance and reward but recognising the often ambiguous context in which evermore globally active organisations operate. Our 2014 Programme reflects many of these issues and we look forward to another series of challenging meetings which continue to inform all our members as they wrestle with the demands of developing and implementing sustainable reward policies as a vital element of outstanding HR leadership and overall corporate success.

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2014 2014 Programme

Dedicated to improving the relevance and effectiveness of performance and reward

Meetings at a glance Economic Update – The Big Issues for the UK, Europe and Globally John Kay, Economist

Thursday 30th January Breakfast Briefing London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS

What is Driving Executive Compensation? – A US perspective David Swinford, Tom Clougherty

Thursday 13th March Evening Briefing Eversheds, 1 Wood Street, London, EC2V 7WS

The Technology Challenges for HR – Threats and Opportunities Sandy Begbie, Andrew Lambert

Thursday 8th May Research Report Eversheds, 1 Wood Street, London, EC2V 7WS

Europe In or Out? The Implications for UK Companies and their Stakeholders Gisela Stuart MP, Brendan Donnelly, Andy Bagnall

Thursday 5th June Evening Meeting and Dinner Trinity House, Tower Hill, London, EC3N 4DH

The Pleasures and Sorrows of Work Alain de Botton, Sheffield Medical School

Thursday 3rd July Evening Meeting Haberdasher’s Hall, 18 West Smithfield, London, EC1A 9HQ

From Battlefields to Boardrooms – Managing, Directing, Leading Tessa Jowell, Stephen Bungay, Murray Steele, Stephen Carver, Thomas Chamorro-Premuzic.

30th September – 2nd October International Conference Hilton Hotel, Mohrenstraße 30, 10117 Berlin, Germany

Social Mobility – Is it important and necessary? Are we making progress? The Rt. Hon Alan Milburn

Tuesday 14th October Member Dinner Scott’s, 20 Mount Street, London, W1K 2HE

How people are rewarded – Have we lost the Moral Consensus? Frances O’Grady, Deborah Hargreaves, Murray Steele

Thursday 13th November Discussion Meeting Eversheds, 1 Wood Street, London, EC2V 7WS

2015 Programme Launch and Keynote Address Peter Oborne

Wednesday 3rd December Member Dinner The Ivy, 1-5 West Street, London, WC2H 9NQ

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Our philosophy is based on the belief that successful organisations need: • A clear and compelling business strategy which is communicated effectively throughout the organisation. • An engaged, capable and motivated workforce. • An environment which encourages high performance with minimal barriers to effective operation. • A performance measurement system which is clear, unambiguous and can track performance at all relevant levels of the organisation. • HR practices which support the business strategy and create the above conditions.

Benefits of membership About PARC Through the provision of informative and challenging research and briefings, PARC enables HR & Reward Directors to engage with leading thinkers, expert practitioners and each other on the key issues affecting today’s organisational performance, reward and governance agenda. PARC works closely with its sister organisation, the Corporate Research Forum (www.crforum.co.uk).

Membership includes Direct access to leading thinkers – PARC meetings are led by business leaders and expert practitioners in human resources, performance and reward management. Independent research – PARC research projects draw upon a wide range of sources from our membership to consultants, leading academics and other informed parties. Conversation and networking – PARC constitutes an unrivalled network of senior experts and practitioners; members can exchange insights into reward practices in a relaxed and confidential forum. Original ideas – through a focus on developing approaches that are both original and practical. Meeting reports – the content and discussions at our principal meetings are captured in meeting reports which are circulated to members. This ensures that those who are unable to make a particular meeting still have an opportunity to access the insights arising. The reports also enable members to share learning with their teams. Member lunches – are also organised at which members are welcome to join us, to meet their peers and discuss current issues. Ad hoc requests – the PARC team is also happy to facilitate discussions on any issues of concern or interest to members that are not highlighted in our official programme. Brief email member surveys are possible where the subject matter is relatively straightforward and likely to be of broad interest. Website – www.parcentre.com contains information on all our events together with member-only access to our publications.

Who should join? Annual membership is open to all organisations. Participants are at senior level and typically responsible for developing and leading reward strategy, policy and practice. They include heads of performance and reward functions, Group HR directors and other top level HR professionals. To ensure that effective peer discussion is facilitated, the ‘rules of the game’ only allow for substitution by more junior staff where this is agreed with a PARC director. Annual membership reflects the premium value of events, related services and our pre-and post-event literature. Membership comprises a broad range of around 50 organisations, most of which are bluechip FTSE companies. Members include: BP, BT, Rolls-Royce, GlaxoSmithKline, HSBC, Reckitt Benckiser, Standard Life and Vodafone. For more details on how your organisation can benefit from membership and the associated fees please contact Richard Hargreaves, Commercial Director at +44 (0)20 7470 7287 or via e-mail at richard@parcentre.co.uk

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Who we are PARC Directors Mairi Bannon leads on PARC membership issues and manages the PARC team. She has a keen interest in the economic and political environments in which business operates, trends in corporate governance, and HR issues generally. She is a founding partner of Strategic Dimensions, an executive search business for high-level professionals, and of the Corporate Research Forum. Her early career was spent in HR in the UK and Germany.

Mike Haffenden helps us link reward to organisational development and the agenda of our sister organisation, the Corporate Research Forum. He is especially interested in the drivers of high performance and creativity. Mike founded the Corporate Research Forum and is also a founding partner of Strategic Dimensions. He previously held a number of senior HR positions.

Our research and associate team Richard Hargreaves leads on growing and broadening the membership and is also responsible for securing and developing partnerships. Richard has a similar role at our sister network Corporate Research Forum. Previously Richard led a commercial team at The Economist Group. Phil Wills advises and assists PARC in the development of key events. He has a strong interest in the design of reward plans to support business strategy, including executive incentive plans. An independent consultant, currently advising UK and mainland European companies, his previous roles include global head of compensation and benefits for Reed Elsevier, ICI and Diageo. Stuart Hetherington is responsible for writing PARC’s annual programme and event materials. Stuart was previously Head of Corporate HR at National Power and has extensive experience in managing major change programmes and employee relations. Eva John-Lewis organises and facilitates PARC’s events and is also Executive Assistant to Mairi and Mike. Clockwise from top left: Richard Hargreaves; Phil Wills; Stuart Hetherington; Eva John-Lewis

Our partners Corporate Research Forum (CRF) is a membership network for senior HR professionals seeking to develop their people strategy and organisational effectiveness. For further information please visit www.crforum.co.uk or call 020 7470 7104.

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Breakfast Briefing Date Thursday 30th January 08.15 – 10.00 Venue London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS Speaker John Kay

Economic Update – The Big Issues for the UK, Europe and Globally As we enter 2014, the UK economy appears to have stabilised and there are now firm, if modest, growth predictions for the coming years. Employment is up as is business confidence as measured by most of the recognised indeces and a double or even triple dip recession seems to have been avoided. However, some still wonder whether or not the recession is really over and recovery is sustainable when retail spending and the housing market seem to be the main contributors to growth. Looking beyond our own domestic concerns, what does the broader European and world canvass look like going forward – the global environment in which our major companies operate? John Kay will give us his own views on these issues, not just as an economist looking at the odd percentage point movement in forecasts or outturns but as an academic and businessman with an eye for the bigger picture. John will address a number of issues including: • The global economy and its future performance and main constituents. • Relative prospect for the East and the West. • The European Economy. • The sustainability of the recovery in the UK. • The use and interpretation of economic statistics.

Biography John Kay is one of Britain’s leading economists. He is a distinguished academic, a successful businessman, an adviser to companies and governments around the world and an acclaimed columnist. His work has been mostly concerned with the application of economics to the analysis of changes in industrial structure and the competitive advantage of individual firms.

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Evening Briefing Date Thursday 13th March 17.00 – 20.00 Venue Eversheds, 1 Wood Street, London, EC2V 7WS Speakers David Swinford Tom Clougherty

What is Driving Executive Compensation – a US perspective. With the continuing high volume of two way executive movement across the Atlantic, the issues which are topical around the broader North American economy and those which affect senior level compensation in the US are clearly of real interest to those of us based in the UK. Tom Clougherty will open our Discussion Meeting describing the current economic/political backdrop in the US, developing a number of threads which are pertinent in the context of executive pay. These will include: • The growing unease about inequality. • The notion that the US has entered a period of ‘great stagnation’ in which growth and opportunity will be inevitably limited. • The possibility that anyone who is not highly skilled or a capital owner will soon be replaced by technology. • The more general US domestic issues such as healthcare and urban decay. Following from Tom’s scene setting David Swinford will address some of the issues which will impact specifically on the debate around executive pay in the US including: • Aligning pay with performance. • The social implications arising from the absolute levels of executive pay. • SECC regulations requiring disclosure of executive and other levels of pay ratios. • The global marketplace for executive talent and the impact of emerging economies. • The influence of investors on the executive pay debate. • Convergence between US and UK executive compensation practices. This is a meeting which all members will want to attend and offer up their own thoughts in the discussion on points made by Tom and David and on other issues arising from their presentations.

Biographies David Swinford is President and Chief Executive Officer of Pearl Meyer & Partners. For the last 35 years, he has worked closely with compensation and governance committees of Boards as well as management teams to link compensation with business and executive leadership development strategies. He has considerable experience in short and long-term incentive plan design, balancing performance risk with retention, security arrangements, and other contractual issues.

Tom Clougherty is Managing Editor at Reason Foundation, a think-tank advancing free minds and free markets. In this role, he manages Reason’s policy research and oversees its editorial, review and production process. Prior to this, Tom was executive director of the London-based Adam Smith Institute, which in 2012 was ranked one of the world’s top 10 domestic economic policy think tanks by the University of Pennsylvania’s Think Tanks and Civil Societies Program.

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Roundtable Discussion Date Thursday 8th May 16.00 – 19.00 Venue Eversheds, 1 Wood Street, London, EC2V 7WS Speaker Andrew Lambert

The Technology Challenges for HR – Threats and Opportunities With a few honourable exceptions – and the reward community may well be amongst these, HR functions have long and widely been observed as ‘challenged’ in two areas of competence – numbers and technology. HR urgently needs to ‘up its game’ here to improve its contribution to business effectiveness, as technology advances continue to provide opportunities for those with the vision and skillsets to identify the possibilities and reap the benefits. In this context, HR leaders have to excel in two areas; firstly they must ensure that their function is sure footed but agile in its choice and implementation of systems and technology available and in developments to enhance effectiveness in all areas associated with people and organisational excellence. Secondly, because of the functions claims to lead in areas such as OD, culture change and personal development, HR executives must be visible champions in inculcating a mindset which embraces technological change as an integral element in defining high performing organisations. Those who fail will miss out. This Research Report will: • Crystallise the challenges for HR – dimensions and characteristics – in deploying technology to enhance organisational performance. • Identify what the best HR functions are doing to respond and anticipate. • Assess what suppliers are doing that really helps move people management forward. • Make practical recommendations about how HR should organise and equip itself – and the organisations they serve – for the future.

Biographies Sandy Begbie joined Standard Life in June 2010 as Group Transformation Director and was responsible for delivering the organisational change programme at Group level to create a new fit for purpose business. He has recently been appointed as Group Operations Officer and has responsibility for People, IT, Procurement, Communications, Facilities and Asia. He is also a nonExecutive Director with the Scottish Government and chairs their Remuneration Committee. Before joining Standard Life, Sandy was HR Director at AEGON UK and Scottish Power. Prior to this, he held a range of senior roles at RBS, including Leadership, Management and Talent Development, Business Change, Organisation Development and Training and Reward. Andrew Lambert is an associate of PARC’s sister organisation CRF and a partner in Creelman Lambert, advisers on corporate and HR governance. He was MD of People in Business, a founder director of Smythe Dorward Lambert, and director of Wolff Olins, the corporate identity specialists. He also ran communications functions for TSB and Midland Montagu. He was a Director of CRF, has authored many CRF reports – and has provided consultancy to over 90 organisations on management and communication issues.

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2014 2014 Programme

Evening Meeting and Dinner Date Thursday 5th June 17.30 – 23.00 Venue Trinity House, Tower Hill, London, EC3N 4DH Speakers Gisela Stuart MP Brendan Donnelly Andy Bagnall

Europe in or out? The Implications for UK Companies and their Stakeholders With the Conservative Party committed to introducing a Bill facilitating a referendum no later than 2017 on the UK’s continuing membership of the European Community, media rhetoric will continue to inform the views of many potential voters with headline grabbing statements supporting mainly the case against continuing membership. Politically, the Conservatives are constrained by the coalition understanding with the Liberal Democrats whose support for Europe is of course one of their key policy strands. Meanwhile, the rise in popular support for UKIP offers the option of a real alternative vote for those favouring withdrawal from Europe. Similarly, the ramifications of the Scottish Independence vote are causing many to wonder what future arrangements would best suit England in the event of a Scottish ‘yes’ vote. Running parallel to this political debate is the more understated but vitally important business case for continuing and probably renegotiated membership which has the overwhelming support of UK companies whose trade with Europe far exceeds any other markets. Clearly there are many disadvantages to being in Europe under the current arrangements and the repatriation of powers and curtailment of the overarching decision making powers of Brussels would undoubtedly receive majority support in the UK. What should UK companies be doing therefore to communicate the real facts demonstrating that whatever the political or emotional factors involved, UK businesses would support continuing membership though with renegotiated terms? Gisela Stuart, Brendan Donnelly and Andy Bagnall will share their thoughts on these issues including • The status quo as an option. • The real consequences of withdrawl from Europe. • What are the major changes required if the UK remains a member? • What is the role of business in this debate and how should they present their views to stakeholders?

Biographies Gisela Stuart MP has represented Birmingham Edgbaston since 1997. The constituency covers the City Council wards of Bartley Green, Edgbaston, Harborne and Quinton. She was educated in what was then West Germany where she served an apprenticeship in Bookselling. After Business Studies in Manchester she got a law degree from London University. Gisela ran the London Book Fair in the 1980s, and then became a lecturer. She did research into pension law at Birmingham University. Brendan Donnelly has been Director of the Federal Trust since January 2003. He is a former Member of the European Parliament (1994 to 1999). He was educated at Oxford, where he obtained a double first in classics, and later worked in the Foreign Office, the European Parliament and the European Commission. He is the author of numerous articles, reports and other contributions on European topics. His particular European interests are European institutions, European democracy and the single European currency. Andy Bagnall leads the CBI’s Campaign Directorate and sits on the CBI management board. Andy is responsible for co-ordinating the CBI’s cross-cutting campaigns on issues ranging from the UK’s relationship with the European Union to raising awareness of the contribution the business community makes to delivering prosperity for the wider society. Andy joined the CBI in 2011 having previously held a number of policy and campaigning jobs.

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Evening Meeting Date Thursday 3rd July 18.00 – 21.00

Summer Lecture & Reception with Alain de Botton – The Pleasures and Sorrows of Work Who is it for?

Venue Haberdasher’s Hall, 18 West Smithfield, London, EC1A 9HQ

Members and guests with an interest in exploring their relationship with their job and what it means to them and who will, of course, have an interest in the wider world of work.

Speaker Alain de Botton

Following last year's outstanding summer lecture and reception, we are very pleased to once again be hosting an occasion which will facilitate social networking with fellow members and their guests, CRF and PARC Partners and the CRF and PARC teams. The informality of the evening will be complemented by an address from our guest speaker, Alain de Botton, best selling of author of books such as How Proust Can Change Your Life and The Architecture of Happiness and he will be sharing his views on his latest book ‘The Pleasures and Sorrows of Work’. Alain also started and helps to run a school in London called The School of Life, dedicated to a new vision of education. Members may invite up to three attendees from their own organisation or guests to participate in the evening.

Overview

Content We spend most of our waking lives at work in occupations most often chosen by our inexperienced younger selves and yet we rarely ask how we got there or what our jobs mean to us. Alain will explore the joys and perils of the modern workplace wondering what other people get up to all day (and night), in search of what make jobs either fulfilling or soul-destroying. Work makes us and without it we are at a loss. In work we hope to have a measure of control over our lives yet for many of us work is a straitjacket from which we cannot free ourselves from a prison from which there is no escape. Alain will examine our love/hate relationship with our work, explore what we do with our lives and consider what we might do on retirement.

Biography Alain de Botton was born in Zurich, Switzerland in 1969 and now lives in London. He is a writer of essayistic books that have been described as a ‘philosophy of everyday life.’ He’s written on love, travel, architecture and literature. His books have been bestsellers in 30 countries. Alain also started and helps to run a school in London called The School of Life, dedicated to a new vision of education.

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International Conference Date Tuesday 30th September – Thursday 2nd October Day One: 9:00am to 5:00pm Day Two: 9:00am to 4:00pm Accommodation Hilton Hotel, Mohrenstraße 30, 10117 Berlin, Germany Full details of the conference are available on our website where members can register their place now. There is a non-refundable deposit of £200 + VAT per night at the time of registration. We recommend a 2-night stay i.e. Tuesday 30th September and Wednesday 1st October. Attendance for non-members is £1,500 + VAT (excluding flights & accommodation).

International Conference, Berlin – Managing, Directing, Leading Who is it for? Our international conferences are attended by a wide-range of business leaders, functional specialists, and observers and thinkers on getting the best out of organisations and their people. An opportunity to consider the big picture and the game changing issues of the day, delegates welcome the input from speakers, the ample time set aside for discussion and the debate and informal social networking which we facilitate.

Overview 2014 marks the centenary of the start of the First World War. Held in Berlin, our 6th international conference will be entitled ‘From Battlefields to Boardrooms’ and will be chaired by Dame Tessa Jowell M.P. Taking the catastrophic (for all sides) Battle of the Somme as an opening case study, we will analyse the importance of intelligence, decision making, strategy, planning, implementation and motivation in the twin contexts of the military imperatives of 1914 and the business imperatives of 2014. Setting the scene, Stephen Bungay will consider the importance of and differences between leading, managing and directing, illustrating his presentation with a spellbinding BBC documentary film. As ever, our international conference provides two outstanding days when we are able to consider our business issues from a different perspective and maybe incubate some novel solutions.

Content • Following from Professor Bungay’s opening story we will continue to pick up his issues as they impact on our businesses and organisations today: • How do we develop relevant strategies and set about planning their implementation? • What are the pre-requisites for successful implementation of our core business activities and the projects and change programmes which are inherent in achieving outstanding performance? • What are the characteristics of successfully leading and motivating in good times and bad? Basing their contributions on experience, case studies and contemporary thinking, our presenters will tell a compelling story covering 100 years of change.

Biographies

Clockwise from top left: Tessa Jowell, Dr. Stephen Bungay, Murray Steele, Stephen Carver, Dr Tomas Chamorro-Premuzic

Tessa Jowell served as a Minister throughout the last Labour Government, 8 of 13 years in the Cabinet, and has represented Dulwich and West Norwood as Member of Parliament since 1992. As Secretary of State for the Department for Culture, Media and Sport (2001-07) she is known particularly for pioneering London’s successful bid for the Olympic Games in 2012 and served on the Olympic Board for the 10 year duration of the Olympic and Paralympics project. In 2012 Tessa was made a Dame for her political and charitable services. Dr. Stephen Bungay is a Director of the Ashridge Strategic Management Centre and teaches and consults on strategy, organisation and leadership. He has published a number of books on military history and is a frequent contributor to television programmes. He previously worked for The Boston Consulting Group and was CEO of the Commercial Division of a Lloyds-based insurance company. Stephen presented at our Rome conference in 2011. Murray Steele (see biography opposite). Stephen Carver is rated as one of the top 3 lecturers at one of Europe’s top MBA Business Schools. He has a reputation of taking complex management concepts such as Project, Programme Change and Crisis Management and being able to distil them down, into highly informative and fast lectures – often using “storytelling” techniques. Dr Tomas Chamorro-Premuzic is an international authority in psychological profiling, consumer analytics, and talent management. He is a Professor of Business Psychology at University College London (UCL), Vice President of Research and Innovation at Hogan Assessments, and has previously taught at New York University and the London School of Economics. 11


2014 2014 Programme

Member Dinner Date Tuesday 14th October 18.30 – 22.00 Venue Scott’s, 20 Mount Street, London, W1K 2HE Speaker The Rt. Hon Alan Milburn

Social Mobility – Is it important and necessary, are we making progress? Lack of social mobility in the UK continues to be an issue which we are unable to deal with. Equality of opportunity and lack of fairness in access to the professions, public life and to some extent, boardrooms, effectively reduces the pool of talent available and denies many extremely able people the opportunity of fulfilling their potential and maximising their contribution to public wellbeing. But does this matter – is social mobility important, is it necessary and are we making any progress in reducing the lack of mobility? Sir John Major believes that ‘the influence that a privately educated, middle-class elite have on public life is ”shocking” with the upper echelons of power dominated by those from a similar background’. Too many children he added were ‘locked into the circumstances in which they were born’ as a result of a lack of educational opportunities. Our Speaker at this Members’ Dinner, Alan Milburn, was appointed by David Cameron to look into social mobility and child poverty in Great Britain and reported in the autumn of 2013 with the stark message that ‘the shocking lack of mobility is a consequence of decades of entrenched elitism and likely to worsen because of a breakdown in the link between economic growth and the wages of most workers’. In his report, Milburn set out five long-term goals in the areas of childcare, parenting, raising educational standards, opening up universities and ending unpaid internships in the professions as a way of tackling closed shops. Members’ experiences in this area will be of interest with particular reference to the scarcity of talent and need for diversity in the backgrounds of senior executives.

Biography Alan Milburn was a Member of Parliament for the Labour Party from 1992 to 2010. He served as Chief Secretary to the Treasury from 1998 to 1999, Secretary of State for Health from 1999 to 2003 and Chancellor of the Duchy of Lancaster from 2004 to 2005. He chaired the Panel on Fair Access to the Professions from 2008 to 2009 and has been the Independent Reviewer on Social Mobility and Child Poverty under the current government. He was interim Chair of the Social Mobility and Child Poverty Commission until his formal appointment to the post on 13 July 2012.

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Discussion Meeting Date Thursday 13th November 17.00 – 20.00 Venue Eversheds, 1 Wood Street, London, EC2V 7WS Speakers Frances O’Grady Deborah Hargreaves Murray Steele

How people are rewarded – Have we lost the Moral Consensus? Disparities in remuneration continue to widen and provide easy targets for headline writers and politicians looking for a sound bite. However, despite the optimistic economic indicators and improving general business confidence, there is still a problem with growth working through to earnings and the now accepted decoupling of the two. Whilst large groups of workers have had minimal or indeed no pay rises over the last two or three years, there has been little indication of restraint or control in other sectors and the link between pay and performance often remains opaque. With the help of Frances O’Grady, General Secretary of the TUC and Deborah Hargreaves, Director of The High Pay Centre we will address these issues in a discussion which is sure to engage and inform. Topics likely to be debated will include: • what is the reality about the way in which people are rewarded and is it something which affects overall business performance and shareholder value? • is there an equitable ratio to which we should aspire between the highest, median and lowest pay packets within an organisation and would disclosure help? • is the link between pay and performance meaningful; was it ever? • how effective are the trade unions in negotiating pay? • the distorting influence of globalisation on executive pay and the economic pull of migration on low pay • what does Moral Consensus mean and is it important? There will doubtless be other views and issues to keep our Chairman Murray Steele busy and to add to members’ understanding in this perennially contentious area.

Biographies Frances O’Grady became the General Secretary of the TUC in January 2013, the first woman ever to hold this post. Fair pay remains a core ambition – she was on the Resolution Foundation’s Commission on Living Standards, and has been a member of the Low Pay and the High Pay Commissions. Before the TUC, Frances worked for the Transport and General Workers Union where she worked on successful campaigns to stop the abolition of the Agricultural Wages Board and for the introduction of a national minimum wage, equal pay for women, and on a range of industrial wage claims. Deborah Hargreaves was the Chair of the independent High Pay Commission. She is the former business editor of the Guardian, a post she held from 2006 to 2010. She has written extensively about executive remuneration and other business issues both in print and online. She previously worked at the Financial Times where she was news editor and before that, financial editor. She held a variety of posts over 19 years at the FT including personal finance editor and as a foreign correspondent in Brussels and Chicago. Murray Steele, a member of faculty at Cranfield University School of Management for over 30 years, specialises in strategy development and implementation; corporate governance; change management and leadership and the links between all these areas. He has always been a business oriented academic having undertaken numerous consulting and change management projects and has held over 20 chairman and NED positions.

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Member Dinner Date Wednesday 3th December From 18.30 Venue The Ivy, 1-5 West St, London, WC2H 9NQ Speaker Peter Oborne

2015 Programme Launch and Keynote Address We close our programme for the year with our traditional members’ dinner, keynote address and launch of the 2015 Programme. Following on from a list of high profile speakers from the past – Vince Cable, Patricia Hewitt, Jack Straw, Michael White and Danny Finklestein – we are delighted to welcome another distinguished guest in Peter Oborne, chief political commentator for The Daily Telegraph and associate Editor of The Spectator. Peter will give us his views on a range of current political topics and come December 2014 is unlikely to be short of material with the Scottish Independence vote behind us, the 2015 General election only a matter of months away and any number of European and World issues likely to be hot topic candidates at that time. We look forward to hearing Peter’s views, delivered in his usual trenchant style, with attendees no doubt having their own thoughts to add to the discussion. We shall also be launching the PARC Programme for 2015 which we are sure will include a range of apposite events, all with expert input and each addressing the broad interests of members. We look forward to welcoming you to The Ivy.

Biography Peter Oborne is a British journalist. He is chief political commentator of the Daily Telegraph and associate editor of the Spectator. He is author of The Rise of Political Lying and The Triumph of the Political Class, and, with Frances Weaver, the pamphlet Guilty Men.

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This report is a delight. There is so much wishful and woolly thinking about executive remuneration and this report cuts through it all. Its analysis is clear and cogent, its recommendations a perfect blueprint for reform.

Anthony Hilton Commenting on ‘The Future of Executive Remuneration’.

PARC publications These research reports and meeting reports are available in the memberonly section of our website. Performance Management and High Performance Managing executive performance for organisational results (2008) Developing high-performing organisations: the real roots of sustainable performance (2009) After the recession: what high-performance organisations can do (2010)

Executive Reward and Incentives Performance pay: a recipe for disaster (2008) Executive pay: new challenges, fresh thinking (2008) Rewarding for future success (2009) Keeping up to date with issues in senior executive pay (2009) The contribution of the C&B function in turbulent times (2010) The future of executive remuneration (2010) Developing performance incentives and sustaining engagement in a volatile environment (2010) Long-term incentives: where should we take them? (2012) Reward retrospection and outlook (2012) Organisation effectiveness and top executive pay (2013)

Reward – general Organisational reward and measurement systems (2008) Balancing the compensation equation: cost to the organisation vs value to employees (2009) Rewarding for future success (2009) Reward strategy: strategic tool or defence mechanism? (2011) Reward governance: reviewing for risk (2011) Private Equity – what’s been happening and what can we learn? (2012) Alignment of reward and talent management (2012)

Share Plans and Wealth Creation Employee wealth creation as a lever for organisation change (2008) Employee equity plans: do they have a future? (2009)

Corporate Governance Corporate Governance: the issues of ownership (2010) Managing Senior Executive Contracts: A Tool for Organisational Change (2010) Looking from the outside in: investors and performance – evolution or regression (2011)

Retirement / Pensions / Tax Pensions after the Crunch (2009) Employee Pension Provision: today and tomorrow (2011)

Global Issues / Economic Environment The global context: an economic outlook (2011) The outlook for 2012 (2012)

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One Heddon Street, Mayfair, London W1B 4BD Tel: +44 (0)20 7432 4565 Fax: +44 (0)20 7470 7112 enquiries@parcentre.co.uk www.parcentre.com


PARC 2014 programme