Senior managers across the financial sector could have their pay linked to progress on workforce diversity and inclusion (D&I) targets under proposals put forth by UK financial watchdogs.
In a discussion paper jointly published yesterday by the Financial Conduct Authority (FCA), the Bank of England (BoE) and the Prudential Regulation Authority (PRA), the authorities said they are starting a “new conversation” with firms on how best to cut down on “groupthink” that spurred on disasters such as the 2008 banking crisis.
Active promotion of D&I, they said, would improve “governance, decision-making and risk management” within firms, while also creating a more innovative industry with products and services better suited to the diverse needs of customers.
READ MORE: Financial sector bosses' pay could be linked to diversity and inclusion targets
Losses continue at Wetherspoon's as football remains on the back burner
JD Wetherspoon has underlined the impact on trading from Euro 2020 as it again signalled its expectation of making a loss in its current financial year.
The company, led by outspoken Brexit supporter Tim Martin, reported that like-for-like sales were down by 20.8 per cent for the period between June 10 to July 4, when compared with its pre-pandemic, 2019 financial year. Like-for-like sales had fallen by 8.1% between May 17 and June 10, before the tournament kicked off on Friday June 11.
Wetherspoon, which has around 70 outlets in Scotland, has a long-standing, general policy of not showing football in its pubs. This contrasts with the broader licensed trade, which for more than two decades has used live matches shown by commercial channels such as Sky as a means of drawing custom. However, all Euro 2020 games will be shown on terrestrial television.
READ MORE: Wetherspoons see sales slide as pub giant keeps Euros action turned off
Brexit hit to Scottish exports revealed
Scottish companies have reported a rise in domestic sales and confidence for the second quarter, with an unleashing of pent-up demand as coronavirus lockdown measures were eased, but exports dropped following the UK’s European single-market exit.
The mixed picture, which also includes signs of major challenges on the employment front, was revealed on Tuesday in the latest survey of business activity from Scottish Chambers of Commerce and the University of Strathclyde’s Fraser of Allander Institute.
READ MORE: Brexit hit to Scottish exports, Scottish Chambers of Commerce and Fraser of Allander survey reveals
Oil giant to increase investor payouts amid market recovery
Royal Dutch Shell has announced plans to increase payouts to shareholders as it feel the benefit of the increase in oil prices fuelled by the rollout of coronavirus vaccines.
The Anglo-Dutch giant said it planned to increase total shareholder distributions to within the range of 20 to 30 per cent of the cash flow it generates from operations.
Shell said the increase is expected to start from the company’s second quarter results announcement, which is scheduled for July 29.
READ MORE: Shell to up investor payouts after cutting jobs in Aberdeen
Leader of Scotch Whisky Association to vacate role
The Scotch Whisky Association is on the hunt for a new chief executive after Karen Betts agreed to take up a new role heading a food and drink manufacturers’ body.
Ms Betts, a former diplomat who has led Edinburgh-based SWA since 2017, has been appointed chief executive of the Food & Drink Federation. Her departure comes shortly after the industry toasted a major diplomatic breakthrough, when the US agreed with the UK to suspend tariffs on imports of single malt to the American market.
READ MORE: Scotch Whisky Association launches hunt for new boss as Betts departs
Financiers buy into Scottish dental group amid upheaval in the sector
One of Scotland’s biggest dental groups has won backing from private equity investors in a multi-million pound deal.
The Real Good Dental group has secured strategic investment from TriSpan in what has been described as a landmark transaction.
The investment is expected to help the company maintain its rapid growth in a market that TriSpan sees as attractive.
READ MORE: Fife-based dental group backed by London private equity investors
Analysis, Insight, Opinion
Ian McConnell: UK is ‘leading through action not rhetoric’ – really Rishi Sunak?
Mark Williamson: Rise of homes for rental barons is a cause for concern
Scott Wright: Brexit deals further bitter blow to Scotland’s embattled hospitality sector
Kristy Dorsey: Airlines upbeat but skies are far from clear
Features
Monday Interview: 'Airbnb for business' Occupyd venture capital talks
SME Focus: West Lothian utilities specialist enjoys exploring with dog
From the Briefing: Lloyds Bank fined £90m for misleading insurance customers
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