ECCR calls on investors to tackle pay inequality
To mark its 25th anniversary, the Ecumenical Council for Corporate Responsibility (ECCR), the church investor advocacy coalition has released a report ‘Using Ethical Investment to Close the Gap’, a radical call to action for the investor community to use their ownership responsibilities to address ever increasing levels of wealth inequality in the UK.
John Arnold, Executive Director of ECCR, said “For too long investors have presided over a corporate system that over-rewards the elite whilst leaving many employees at poverty level. We want individual and institutional investors to join their church investor colleagues, and revisit their responsibilities, as owners of businesses, to challenge companies to tackle low pay and insecure work.”
Acknowledging that one in five British workers are paid below a “living wage” and – in the same financial year – the average FTSE 100 Chief Executive Officer earned £4.7 million, the far-reaching report calls for FTSE AllShare companies to:
· Ensure that all staff working on their premises, be they employees or subcontractors, are paid a living wage
· Provide greater transparency on differences in pay by disclosing the extent to which senior executive pay exceeds average employee pay.
Bishop Michael Doe, Chair of ECCR, stated that “As we approach a General Election there needs to be a concerted effort by Christians and others to show that an increasingly unequal society is bad for the people involved (whether they are at the top, or pushed to the bottom by the declining value of wages and benefits), for society as a whole, and often for business itself.”
To see a full copy of the report, or for further press information, please contact John Arnold
, Executive Director, ECCR. Tel: 07880 437131
The Ecumenical Council for Corporate Responsibility (ECCR) is a church-based investor coalition and membership organisation working for economic justice, human rights and environmental sustainability. Formed in 1989, ECCR undertakes research, advocacy and dialogue to encourage companies to meet the highest standards of corporate responsibility and transparency. It also assists faith communities, their members and other investors in upholding these same high standards through responsible and positive-impact investment. ECCR's British, Irish and international members
include representatives of many Christian denominations, faith-based investors, religious communities and orders, non-governmental organisations, ethical investment managers, and committed individuals. For more information see www.eccr.org.uk
The Living Wage
The UK Living Wage emphasises the cost of living and is calculated based upon the costs of items identified by members of the public as necessary for a minimum acceptable standard of living in the UK. It is promoted by the Living Wage Foundation and is currently calculated by the Centre for Research in Social Policy at Loughborough University. The London Living Wage is calculated by the Greater London Authority. Over 850 employers have become accredited including 18 FTSE 100 companies.