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Meeting chaired by the convenor Rodney Tye
Clerk to Charter Trustees
30 May 2006
The notice for the meeting stated: ‘By custom, outstanding service is rewarded by honours; in the private sector rewards are financial or by promotion. Now honours appear to be for sale, whilst high company payments sometimes seem tainted. Are there remedies?’
Ann Tipper explained the several different ways in which the City honoured distinguished service locally. The most notable was by grant of title Honorary Freeman.
Christopher Morgan looked at rewards in the Private Sector, principally to Senior Directors and Executives.
In discussion amongst members the regular complaints were brought out. Many awards at national level seemed to be made automatically, just for holding a particular job. In the private sector non-executive directors were supposed to have a say, but this role often seemed ineffective.
Mr Morgan, in summary, said we had competition to attract and retain talent. His view was that regulation and law in this field should be avoided at all costs.
In the public sector the meeting recognised that everyone was encouraged to make recommendations. But change was likely to be gradual.