![Report - Remuneration of Board Members - 24.10.2019](https://www.jerseyauditoffice.je/wp-content/uploads/2019/10/Report-Remuneration-of-Board-Members-24.10.2019-pdf-212x300.jpg)
Thursday 24 October 2019 - Report
Thursday 24 October 2019 - Report
Topics: Remuneration
Departments: Office of the Chief Executive, Treasury & Exchequer
Sector: States Established & States Controlled Entities
Report: pdf (619.04 KB)
Download in full ↓Board members – both executive and non-executive – have a vital role. They are responsible for the good governance of an organisation, establishing and monitoring the effectiveness of the system of internal control and setting a tone from the top.
The States have a strong interest in a range of entities, as shareholder, sponsor and funder, in ensuring that there are appropriate and transparent arrangements for remuneration of Board members so that public confidence is maintained.
The C&AG has previously highlighted concerns about, and made recommendations relating to, the oversight of:
This report reviews the arrangements that the States have in place to oversee and secure transparency of the remuneration and terms and conditions of the directors (or equivalent) of States owned companies, statutory bodies and bodies with substantial funding from the States of Jersey.
It is difficult to demonstrate the appropriateness of Board remuneration in the absence of a clear overarching policy.
The C&AG recommends the development of an overarching policy including a framework within which:
There is no single part of Government with responsibility for oversight of Board remuneration and it is not obvious where such a responsibility would lie. In order to progress the development and subsequent oversight of a Board remuneration framework the C&AG concludes that it is necessary for the States to establish and empower an appropriate body or group to do so.
The C&AG also noted that:
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