UK: High Pay Centre report - are remuneration consultants independent?

The High Pay Centre has published a report titled Are Remuneration Consultants Independent?: see here (pdf). The report contains the results of a study of the disclosures made by companies in the UK FTSE Eurofirst 100 index in respect of their relationship with remuneration consultants. The report notes (to quote directly from it):

... despite legislation and the adoption of the voluntary RCG code, the extent of commercial relationships between firms which are cited as providers of remuneration services to remuneration committees and the companies to which services are provided, remains undisclosed. Almost all of the companies buying remuneration services from code signatories were also employing the same firm to provide services other than remuneration services.

Assertions of independence by reference to a voluntary code is a poor substitute for information which allows users of remuneration reports to understand the commercial ties that bind companies with the providers of remuneration services".