Friday, July 15, 2016

Lambeth Partnership in the Gardens

Lambeth Palace from the Gardens
To Lambeth Palace last night to for a gathering of the excellent Lambeth Partnership which support the Archbishop of Canterbury with prayer, skills and finance.

Justin gave an inspiring talk about his major priorities, and there is a very exciting initiative next Pentecost where there will be prayers for evangelisation in every European Capital City. The ministry of reconciliation which is one of Justin's main priorities has never been so urgently needed.

I was also very encouraged to hear that the first year of the Community of St Anselm had been a great success. The porter at the gatehouse said they were the nicest bunch of people he had ever met. The second cohort will be arriving in September (?or Oct) and they sound amazing too.

Slightly depressing to meet two FTSE 100 NED types rubbishing Theresa May's plan to give shareholders a binding say on pay. The first criticism was that it would make too much work for the NEDs - good grief, why don't they try acting responsibly and not giving outrageous pay awards for once?  The other two concerns raised had a bit more substance:
  • It would be better if these changes were accompanied by a thought through statement of how the duties of the Board should be adjusted, so that they were coherent and not tinkering.
  • Far too many shareholders outsource voting to ISS and similar agencies who excercise power without responsibility, represent a dangeour monopoly, and don't engage properly.
But outrageous CEO remuneration is not just a matter for the shareholders, it has serious implications for social cohesion and is a significant factor in the erosion of popular consent for shareholder capitalism.  People must act responsibly and reduce CEO remuneration over the next 10 years by 50-60% in real terms - which would more or less get us back to where we were 10 years ago when it was bad enough!  Easier said than done of course, but the PM is right to try and these "grandees" need to learn who's boss.

No comments: