UK: Church of England Ethical Investment Advisory Group publishes new executive remuneration policy

The Church of England's Ethical Investment Advisory Group - the organisation which advises the Church's investing bodies (the Church Commissioners, the Church of England Pensions Board and the CBF Church of England funds managed by CCLA) - has published an updated policy on executive remuneration: see here (pdf). The investing bodies together hold assets in excess of £8 billion. Amongst other things, the EIAG states that executive directors should only receive an annual bonus of more than 100% of base salary where they have delivered extraordinary results through exceptional performance to the significant benefit of shareholders.