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| Vice chancellors' pay: Universities to agree new code | |
| (35 minutes later) | |
| University leaders have agreed to a new code on senior pay, which is expected to be published in the next few weeks. | University leaders have agreed to a new code on senior pay, which is expected to be published in the next few weeks. |
| University representatives held a meeting with minister Jo Johnson on Wednesday where they accepted the need for more accountability. | University representatives held a meeting with minister Jo Johnson on Wednesday where they accepted the need for more accountability. |
| It follows fierce criticism of university leaders over claims of excessive senior pay, with the head of the University of Bath stepping down. | |
| Mr Johnson says "public confidence" over pay had to be restored. | Mr Johnson says "public confidence" over pay had to be restored. |
| The universities minister met leaders of Universities UK, the Russell Group and the Committee of University Chairs - with Mr Johnson calling for more restraint over pay. | The universities minister met leaders of Universities UK, the Russell Group and the Committee of University Chairs - with Mr Johnson calling for more restraint over pay. |
| Fair pay code | Fair pay code |
| It is understood that a "fair remuneration code" will be published in January for university leaders, by the Committee of University Chairs. | It is understood that a "fair remuneration code" will be published in January for university leaders, by the Committee of University Chairs. |
| Mr Johnson told university leaders that there must be a more transparent and independent system for the setting of senior salaries - and an end to the "upwards ratchet in pay". | Mr Johnson told university leaders that there must be a more transparent and independent system for the setting of senior salaries - and an end to the "upwards ratchet in pay". |
| He set out a series of requirements, including that vice chancellors must not sit on the committee that decides their pay. | He set out a series of requirements, including that vice chancellors must not sit on the committee that decides their pay. |
| There will also have to be disclosure of benefits, such as subsidised housing and expenses. | There will also have to be disclosure of benefits, such as subsidised housing and expenses. |
| The size of pay gaps between university heads and academic staff will also have to be published. | The size of pay gaps between university heads and academic staff will also have to be published. |
| "It is vital that pay arrangements command public confidence and deliver value for money for students and taxpayers," said Mr Johnson. | "It is vital that pay arrangements command public confidence and deliver value for money for students and taxpayers," said Mr Johnson. |
| Universities, under increasing public pressure and protests from their own academic staff, say they also want to "rebuild public confidence". | Universities, under increasing public pressure and protests from their own academic staff, say they also want to "rebuild public confidence". |
| "We agree more needs to be done to ensure the process for deciding senior pay is viewed as open and accountable," a Russell Group spokesperson said. | "We agree more needs to be done to ensure the process for deciding senior pay is viewed as open and accountable," a Russell Group spokesperson said. |
| The group of leading universities says it is backing "a new code to ensure pay-setting arrangements are as rigorous and transparent as they can be". | The group of leading universities says it is backing "a new code to ensure pay-setting arrangements are as rigorous and transparent as they can be". |
| 'Competitive pay' | |
| Universities UK said "competitive pay is necessary to attract first rate leaders" but a new code would be a "welcome step". | Universities UK said "competitive pay is necessary to attract first rate leaders" but a new code would be a "welcome step". |
| "As universities receive funding from taxpayers and through student fees, it is reasonable to expect pay decisions to be fair, accountable and justified," said a Universities UK spokesman. | "As universities receive funding from taxpayers and through student fees, it is reasonable to expect pay decisions to be fair, accountable and justified," said a Universities UK spokesman. |
| Mr Johnson last week warned the university sector that it needed to get pay under control - and that a new regulator would be used to enforce this. | Mr Johnson last week warned the university sector that it needed to get pay under control - and that a new regulator would be used to enforce this. |
| There have been a series of protests over vice-chancellors' pay in recent weeks - including at the University of Bath, the University of Southampton and at Bath Spa. | There have been a series of protests over vice-chancellors' pay in recent weeks - including at the University of Bath, the University of Southampton and at Bath Spa. |
| "Has there been a problem? Most definitely," said Mr Johnson last week. But he said universities now recognised the need to answer public concerns about value for money. | "Has there been a problem? Most definitely," said Mr Johnson last week. But he said universities now recognised the need to answer public concerns about value for money. |
| "I think they really are starting to get it." | "I think they really are starting to get it." |