The decision, which was tabled by Axa Funding Managers, Scottish Widows, Belief for London, the Larger Manchester Pension Fund and the Cardano Group and pushes for added disclosure on Subsequent’s retail wages and the way they examine to the Nationwide Residing Wage, was met with assist from 26.9% of shareholder votes.
The UK Actual Residing Wage is presently £12.60 per hour throughout the UK, except London the place it’s £13.85 per hour. It’s set by The Residing Wage Basis and never necessary for corporations, in contrast to authorities mandated Nationwide Residing Wage, which is £12.21 for these aged 21 and over.
Subsequent mentioned: “Though the board doesn’t agree with the type of the decision, it recognises the worth of offering extra readability on how wages are decided and managed at Subsequent.
“The corporate has a long-standing dedication to transparency and goals to supply shareholders significant perception into its resolution making. Accordingly, we welcome the suggestion and can increase our disclosure on wage-setting rules and practices in our subsequent annual report.”
In its annual report printed in March, Subsequent mentioned there are “vital value implications” with being a Actual Residing Wage employer as its 2025 annual wage invoice already exceeded £900m.
It might additionally restrict the corporate’s capability to set its personal wages “primarily based on firm efficiency, particular circumstances and the wants of our colleagues and buyers”.
On 8 Might, Subsequent elevated its revenue steerage for the total 12 months following “better-than-expected” efficiency within the 13 weeks to 26 April, pushed by the hotter climate.
