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22nd Jun 2018
University bosses will no longer be expected to set their own salaries under a new fair-pay code announced in the wake of claims of excessive pay for vice-chancellors.
The voluntary code has been put together by the Committee of University Chairs, but the chief executive of the newly created Office for Students has already dubbed the code as "insufficient".
Former universities minister, Jo Johnson, had called for restraint and threatened the intervention of a new regulator.
University leaders have now produced a set of self-regulating rules, which promising more transparency and a commitment that "no-one can have any part in deciding their own remuneration".
The proposals are now out for consultation until March, with an emphasis on independence and expertise in the committees setting senior pay.
Universities will also be expected to report how senior pay relates to other staff, publishing the pay multiples between vice-chancellors' earnings and average salaries.
Commenting on the rules, chair of the Committee of University Chairs, Chris Sayers, said: "We need to keep senior post-holders' pay under review, and be able to justify our decisions.
"We must enshrine the values of transparency, fairness and accountability at the heart of our procedures to ensure we maintain the trust required for the long-term success of our world-leading sector."
22nd Jun 2018
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