20 June 2018 
Matt Sisson, Projects and Membership Manager
The OfS has published its guidance for English HEIs on preparing and publishing financial statements this week. The directions are generally concise, although the casual, or even cynical, observer could not be blamed for wondering why 1,300 words are used to request the disclosure for Senior Staff Pay, less than half that for disclosures about all other management and governance, and just 130 words for the publishing of audited financial statements...
Confusion and concerns from the initial announcement that the OfS had unexpectedly reduced the maximum pay ratio between the earnings of the institutional head and the organisation’s median salary have since been allayed following a correction. The launch page now reads:
“This document was amended on 19 June 2018 to correct an error in paragraphs 15.d.ii and 42.d.ii. In both cases, the threshold for the head of the provider’s total remuneration should be 8.1 times, not 7.5 times, the median total remuneration of staff.”
It’s likely there will be more on this in coming week.
