---
title: "FWRECR17133BEIS - Share Buybacks and Executive Pay"
ocid: "ocds-b5fd17-8925dd56-b193-4f1d-aab2-750f53bef9b7"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-8925dd56-b193-4f1d-aab2-750f53bef9b7"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-8925dd56-b193-4f1d-aab2-750f53bef9b7.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-8925dd56-b193-4f1d-aab2-750f53bef9b7.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "UK SHARED BUSINESS SERVICES LIMITED"
published: "2017-12-12"
---

# FWRECR17133BEIS - Share Buybacks and Executive Pay

Buyer: UK SHARED BUSINESS SERVICES LIMITED  
Current stage: Award  
OCID: ocds-b5fd17-8925dd56-b193-4f1d-aab2-750f53bef9b7

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## Summary

The procurement process titled "FWRECR17133BEIS - Share Buybacks and Executive Pay" was initiated by UK Shared Business Services Limited on behalf of the UK Government. This project aims to explore the relationship between share buybacks and executive remuneration in the context of corporate governance reform. The procurement, classified under consultancy services, was awarded to PricewaterhouseCooper LLP, with a total contract value of £79,972. The contract period runs from 21st November 2017 to 13th April 2018. This was a selective tender process, with the tender period concluding on 7th November 2017 and the award made on 16th November 2017.

This tender presents significant opportunities for businesses engaged in research and development consultancy services, particularly those with expertise in corporate governance and financial analysis. Companies in the consultancy sector, especially those with a focus on market and economic research, could leverage this contract to enhance their portfolios and develop competitive advantages. The findings from this project may also offer insights that could influence future governance practices and regulatory frameworks, providing additional avenues for strategic growth and partnership opportunities in the industry.

## Notice

The overall purpose of this project is to examine the relationship between the use of share buybacks and executive remuneration. More specifically we would like to understand whether buybacks are being used (by design or accident) to artificially meet EPS targets in CEO pay contracts and/or to inflate the value of their share awards rather than to create long-tem value for the company. As explained above, this work will: * deliver the Government's manifesto commitment "to commission an examination of the use of share buybacks to ensure that they cannot be used artificially to hit performance targets and inflate executive pay" that has been reaffirmed by the BEIS response to the Corporate Governance Reform green paper, published on 29th August. It will help government come to a conclusion on whether there exists a significant problem, if so what it is, and what further steps might be necessary; and * contribute to current work on corporate governance reform, executive pay and investor stewardship, including potentially influencing revisions to the UK Corporate Governance Code and UK Stewardship Code. The project should seek to answer the following questions: * To what extent have share buybacks (by design or accident) helped meet EPS and total shareholder return (TSR) targets? * Are share repurchases used by executives to meet performance targets such as EPS and TSR, and to boost share based remuneration levels by creating (short-term) increases in share price? Does the academic literature suggest that the use of buybacks to meet targets is relevant to the UK? * Do performance targets such as EPS and TSR incentivise the use of share buybacks for myopic reasons that are not value creating for the company? * How important are performance related measures, such as, EPS and TSR to CEOs overall pay plan and how has this evolved over time? * Does the United States regulatory framework on buybacks and the typical pay structure for US CEOs result in a stronger use of buybacks to manipulate executive pay in the US than in the UK, or does the evidence suggest that these problems exist in the UK to a similar degree? The work should aim to answer these questions by examining the existing literature and by carrying out its own analysis based on up-to-date UK-specific data. It should also analyse the different regulatory frameworks in the US and the UK, and assess to what extent the existing US evidence applies to the UK (please refer to the section "Suggested Methodology" for more detail on the three suggested components of the project). The successful bidder may also indicate what basic steps could be taken to avoid share buybacks being misused to inflate executive remuneration, should the analysis suggest that this was indeed the case. This additional step is though optional. The provider is not expected to make any recommendations.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/6ea44885-12b7-437e-82df-aeb1edfe7932 |
| Notice type | Award Notice |
| Procurement type | Framework |
| Procurement category | Services |
| Procurement method | Selective |
| Procurement method details | Call-off from a framework agreement |
| Tender suitability | SME |
| Awardee scale | Large |
| All stages | Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 12 Dec 2017 |
| Submission deadline | 7 Nov 2017 |
| Future notice date | Not specified |
| Award date | 16 Nov 2017 |
| Contract period | 21 Nov 2017 - 13 Apr 2018 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £80,000 |
| Lots value | Not specified |
| Awards value | £79,972 |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Not specified |
| Awards status | Active |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | UK SHARED BUSINESS SERVICES LIMITED |
| Locality | SWINDON |
| Post town | Swindon |
| Postcode | SN2 1FL |
| Country | England |
| ITL 1 | TLK South West (England) |
| ITL 2 | TLK7 Gloucestershire and Wiltshire |
| ITL 3 | TLK71 Swindon |
| Local authority | Swindon |
| Electoral ward | Rodbourne Cheney |
| Westminster constituency | Swindon North |
| Delivery location | TLI London |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | PRICEWATERHOUSECOOPER |

## CPV Codes

### Divisions

- 73 - Research and development services and related consultancy services
- 79 - Business services: law, marketing, consulting, recruitment, printing and security

### Codes

- 73200000 - Research and development consultancy services
- 79300000 - Market and economic research; polling and statistics

## Release History

- 12 Dec 2017 at 12:04 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/6ea44885-12b7-437e-82df-aeb1edfe7932

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/6ea44885-12b7-437e-82df-aeb1edfe7932
  12th December 2017 - Awarded contract notice on Contracts Finder

## Provenance

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