Employees are increasingly looking to their employer as the most trusted, competent, and ethical source of information — more so than government, the media, and NGOs. That is why your voice is more important than ever.
The stakeholders your company relies upon to deliver profits for shareholders need to hear directly from you — to be engaged and inspired by you. Employees need to understand and connect with your purpose; and when they do, they can be your staunchest advocates. Customers want to see and hear what you stand for as they increasingly look to do business with companies that share their values. And shareholders need to understand the guiding principle driving your vision and mission.
They will be more likely to support you in difficult moments if they have a clear understanding of your strategy and what is behind it. A new world of work No relationship has been changed more by the pandemic than the one between employers and employees. The quit rate in the US and the UK is at historic highs. And in the US, we are seeing some of the highest wage growth in decades.
Workers seizing new opportunities is a good thing: It demonstrates their confidence in a growing economy. While turnover and rising pay are not a feature of every region or sector, employees across the globe are looking for more from their employer — including more flexibility and more meaningful work. As companies rebuild themselves coming out of the pandemic, CEOs face a profoundly different paradigm than we are used to.
Companies expected workers to come to the office five days a week. Mental health was rarely discussed in the workplace. And wages for those on low and middle incomes barely grew. That world is gone. Workers demanding more from their employers is an essential feature of effective capitalism. It drives prosperity and creates a more competitive landscape for talent, pushing companies to create better, more innovative environments for their employees — actions that will help them achieve greater profits for their shareholders.
Companies that deliver are reaping the rewards. Our research shows that companies who forged strong bonds with their employees have seen lower levels of turnover and higher returns through the pandemic. Turnover drives up expenses, drives down productivity, and erodes culture and corporate memory. CEOs need to be asking themselves whether they are creating an environment that helps them compete for talent.
At BlackRock we are doing the same: working with our own employees to navigate this new world of work. Creating that environment is more complex than ever and reaches beyond issues of pay and flexibility. In addition to upending our relationship with where we physically work, the pandemic also shone a light on issues like racial equity, childcare, and mental health — and revealed the gap between generational expectations at work. These themes are now center stage for CEOs, who must be thoughtful about how they use their voice and connect on social issues important to their employees.
At BlackRock, we want to understand how this trend is impacting your industry and your company. What are you doing to deepen the bond with your employees? How are you ensuring that employees of all backgrounds feel safe enough to maximize their creativity, innovation, and productivity?
How are you ensuring your board has the right oversight of these critical issues? Where and how we work will never be the same as it was. New sources of capital fueling market disruption Over the past four decades, we have seen an explosion in the availability of capital.
Young, innovative companies have never had easier access to capital. Never has there been more money available for new ideas to become reality. This is fueling a dynamic landscape of innovation. It means that virtually every sector has an abundance of disruptive startups trying to topple market leaders. CEOs of established companies need to understand this changing landscape and the diversity of available capital if they want to stay competitive in the face of smaller, more nimble businesses.
BlackRock wants to see the companies we invest in for our clients evolve and grow so that they generate attractive returns for decades to come. As long-term investors, we are committed to working with companies from all industries. Capital markets have allowed companies and countries to flourish. But access to capital is not a right. It is a privilege. And the duty to attract that capital in a responsible and sustainable way lies with you.
Capitalism and sustainability Most stakeholders — from shareholders, to employees, to customers, to communities, and regulators — now expect companies to play a role in decarbonizing the global economy. Few things will impact capital allocation decisions — and thereby the long-term value of your company — more than how effectively you navigate the global energy transition in the years ahead. And in that short period, we have seen a tectonic shift of capital.
This is just the beginning — the tectonic shift towards sustainable investing is still accelerating. Whether it is capital being deployed into new ventures focused on energy innovation, or capital transferring from traditional indexes into more customized portfolios and products, we will see more money in motion. Every company and every industry will be transformed by the transition to a net zero world.
The question is, will you lead, or will you be led? In a few short years, we have all watched innovators reimagine the auto industry. And today, every car manufacturer is racing toward an electric future. The auto industry, however, is merely on the leading edge — every sector will be transformed by new, sustainable technology. Engineers and scientists are working around the clock on how to decarbonize cement, steel, and plastics; shipping, trucking, and aviation; agriculture, energy, and construction.
I believe the decarbonizing of the global economy is going to create the greatest investment opportunity of our lifetime. They risk losing jobs, even as other places gain them. The decarbonization of the economy will be accompanied by enormous job creation for those that engage in the necessary long-term planning. We need to be honest about the fact that green products often come at a higher cost today. Bringing down this green premium will be essential for an orderly and just transition.
With the unprecedented amount of capital looking for new ideas, incumbents need to be clear about their pathway succeeding in a net zero economy. Bold incumbents can and must do it too. Indeed, many incumbents have an advantage in capital, market knowledge, and technical expertise on the global scale required for the disruption ahead.
Our question to these companies is: what are you doing to disrupt your business? How are you preparing for and participating in the net zero transition? As your industry gets transformed by the energy transition, will you go the way of the dodo, or will you be a phoenix?
We focus on sustainability not because we're environmentalists, but because we are capitalists and fiduciaries to our clients. That requires understanding how companies are adjusting their businesses for the massive changes the economy is undergoing. A charging authority can also choose to offer discretionary relief to a charity landowner where the greater part of the chargeable development will be held as an investment, from which the profits are applied for charitable purposes see regulation 44 for details.
The charging authority must publish its policy for giving relief in such circumstances. Charitable private registered providers alongside other providers set out in regulation 49 will be eligible for this reduction private registered providers are defined in the Housing and Regeneration Act as amended. Social housing relief may also be available to parties that are not charities. See more details about social housing relief.
Paragraph: Reference ID: Revision date: 01 09 Who can claim charitable relief? More detailed information on charitable purposes can be found on the Charity Commission website. They are listed in Schedule 3 to the Charities Act and include some educational institutions, and most universities and national museums; excepted charities: charities excepted from the need to register but which are still supervised by the Charity Commission.
Bodies which do not fall into these categories may still be eligible for relief where they are established for charitable purposes only. Academy and Free School Trusts which are not yet exempt charities, but which are charitable institutions as defined in regulation 41 , are also exempt from the levy. Levy charging and collecting authorities must treat European Union charities in the same way as UK charities for the purposes of charitable relief. The levy regulations do not preclude non-UK charities from the definition, so any decision on the eligibility of a non-UK charity must be made on the merit of the charitable purpose.
Charitable relief may also apply to trusts or unit trusts whose only beneficiaries or unit holders are charities. The most usual arrangements of this type are collective investment schemes — for example, unit trusts and common investment funds. The Claiming Charitable or Social Housing Relief form Form 10 requires a claimant to indicate whether it qualifies for relief in this context — in particular, whether all beneficiaries or unit holders are charities — and supply detail on the type of organisation that it is.
It is then for the collecting authority to determine whether the claimant qualifies for the relief. The Claiming Charitable or Social Housing Relief form requires the claimant to demonstrate what its charitable purposes are — for example through the production of its constitution or articles of association.
Paragraph: Reference ID: Revision date: 01 09 How is charitable relief claimed? Charitable institutions wishing to claim relief should use the Claiming Charitable or Social Housing Relief form Form The claim form should be submitted with the planning application or notification of chargeable development.
However, a claim for relief will lapse if works are commenced on the chargeable development before the collecting authority has notified the claimant of its decision. Apportionment must be carried out in accordance with regulation 34 , as amended by the Regulations. A claimant should inform the collecting authority if a disqualifying event defined in regulation 48 1 occurs prior to commencement of the chargeable development. When it determines a claim for relief, the collecting authority must write to the claimant setting out its decision, the reasons for it, and the amount of relief granted.
A party claiming charitable relief must submit a commencement notice to the collecting authority for development that is granted charitable relief. The date of commencement determines when the 7-year clawback period expires. The claimant may be eligible to pay its portion of this charge, plus any surcharge, where no party has assumed liability for the development.
Paragraph: Reference ID: Revision date: 01 09 What are the specific requirements for a mandatory charitable exemption? To qualify for a mandatory charitable exemption under regulation 43 the following criteria must be met: a material interest in the land must be owned by a charitable institution; the chargeable development will be used wholly or mainly for charitable purposes whether of the claimant or of the claimant and other charitable institutions ; that part of the chargeable development to be used for charitable purposes will be occupied by, or under the control of, a charitable institution; the material interest cannot be owned jointly with a person who is not a charitable institution; and the exemption must not constitute a State aid.
These criteria apply alongside any procedural requirements. This is a similar formulation to that used for business rates charitable relief. There is no statutory definition of this requirement. Use of a chargeable development for trading could qualify but is unlikely where the link to furthering charitable purposes is purely through raising money.
Qualifying use could also include a charity using the chargeable development to house its employees, under certain circumstances. Paragraph: Reference ID: Revision date: 01 09 What are the specific requirements for discretionary charitable relief? Regulation 45 sets out the qualifying criteria in more detail. Paragraph: Reference ID: Revision date: 01 09 What are the specific requirements for discretionary charitable investment relief?
A charging authority may decide to operate a policy for giving discretionary charitable investment relief, under regulation Only charitable investment activities are eligible for this relief. Regulation 44 specifies that relief cannot apply where a charity intends to occupy the greater part of the chargeable development and use it for any trading activity, other than to sell donated goods to use the proceeds for its charitable purposes.
A charging authority may choose to further narrow the scope of this relief through its relief policy. Paragraph: Reference ID: Revision date: 01 09 How do discretionary charitable relief policies operate A charging authority that decides to introduce or revise a discretionary charitable relief policy must publish a document setting out that policy.
The document is not part of the charging schedule. The charging authority may publish the relief policy separately and at a different time to the publication of the charging schedule. The document must: give notice that discretionary relief is available in its area or is available under a revised policy , and whether it is available under regulation 44 , regulation 45 or both; state the date the collecting authority will begin accepting claims for relief under its latest policy; and include a policy statement setting out the circumstances in which discretionary charitable relief will be granted in its area.
It is at the discretion of the charging authority to decide what percentage of relief from the levy it will provide. The charging authority also has the flexibility to develop the criteria it considers suitable to assess eligibility for discretionary relief, but authorities should consider State aid issues where charitable institutions which may benefit from the relief are involved in commercial activities.
Examples could include: the benefit the charitable institution gives to the local community; the annual income of the charitable institution; the annual rent payable on the charitable investment a minimum threshold may protect against abuse.
In London, where the Mayor and a London borough council have opted to charge the levy, both bodies could legitimately have policies for giving discretionary charitable relief. Discretionary charitable relief is only available where the charging authority has published its policy. The collecting authority must not consider claims for discretionary charitable relief where the charging authority has no published policy offering such relief.
A charging authority wishing to withdraw discretionary relief must publicise on its website the last date on which claims may be made for relief. This must be done within 14 days of the disqualifying event. A disqualifying event is one or more of the following: change of purpose: the owner of the interest in the land in which relief was given ceases to be eligible for charitable relief i.
If the disqualifying event occurs after commencement, the charitable relief, in respect of the material interest to which the relief relates, is withdrawn and the person is liable to pay an amount of CIL equal to the withdrawn relief.
In either instance, the collecting authority must issue a revised liability notice showing what is payable and must issue a demand notice to collect the new amount. If a claimant does not inform the collecting authority in writing of a disqualifying event within 14 days of the disqualifying event occurring, they will immediately be liable to pay back the charitable relief and a surcharge see regulation Paragraph: Reference ID: Revision date: 01 09 What are charitable relief appeals?
See further details on appeals. A mandatory charitable exemption cannot be granted where it would constitute a State aid. However, if a mandatory charitable exemption would otherwise have been allowed, and the charging authority has a published policy on discretionary charitable relief under regulation 45 exists, then a charitable institution may be able to benefit from relief to the extent to which it is not a notifiable State aid. Charging authorities may wish to formulate policies which automatically ensure that mandatory charitable exemption claims which fail solely on State aid grounds are considered for relief under regulation Discretionary charitable investment relief under regulation 44 can also be provided where relief is not a notifiable State aid.
Paragraph: Reference ID: Revision date: 01 09 How does the default of liability apply to charitable relief? Where a collecting authority is unable to recover an amount of CIL from a party who assumed liability for the levy the collecting authority may transfer the liability to the owners of the relevant land in question including charities which own an interest.
A collecting authority may only transfer the liability after it has taken all reasonable efforts to recover the outstanding amount. A charity benefiting from discretionary charitable relief may be liable to pay a share of the outstanding amount based on its material interest in the land. In order to manage the risk of a default of liability by another party, charities should carefully select development partners and make appropriate contractual arrangements to safeguard their interests.
A charity receiving a mandatory charitable exemption under regulation 43 will continue to be exempt from any liability to pay the outstanding charge. Paragraph: Reference ID: Revision date: 01 09 Social housing What relief is available for social housing? Social housing relief is a mandatory discount that can be applied to most social rent, affordable rent, and intermediate rent dwellings, provided by a local authority or private registered provider, and shared ownership dwellings.
Subject to meeting specific conditions, social housing relief can also apply to discounted rental properties provided by bodies which are neither a local authority nor a private registered provider. To be eligible, a planning obligation must be entered into prior to the first sale of the dwelling designed to ensure that any subsequent sale of the dwelling is for no more than 70 per cent of its market value.
Regulation 49 as amended by the Regulations and the No. To qualify for social housing relief, the claimant must own a material interest defined in regulation 4 2 in the relevant land and have assumed liability to pay the levy for the whole chargeable development. A charging authority may offer separate discretionary relief for dwellings sold for no more than 80 per cent of their market value subject to specific criteria set out in regulation 49A 2.
See What is discretionary relief for social housing? When applying for relief, a claimant must provide evidence that the chargeable development qualifies for social housing relief. The Regulations provide that dwellings no longer meeting these requirements must pay the levy.
Paragraph: Reference ID: Revision date: 16 11 See previous version Can a dwelling let by a body which is neither a local authority nor a private registered provider qualify for mandatory social housing relief? Paragraph: Reference ID: Revision date: 01 09 How should need be established for the purposes of dwellings which qualify for social housing relief under regulation 49 7A? Dwellings which qualify for mandatory social housing relief under regulation 49 7A inserted by the Regulations must be let to those persons whose needs are not served by the commercial housing market.
Eligibility should be based on criteria agreed between the provider and the relevant local housing authority and secured via a planning obligation. Paragraph: Reference ID: Revision date: 01 09 How should market rent be calculated? Market rent should be calculated in accordance with a Royal Institution of Chartered Surveyors recognised method. Paragraph: Reference ID: Revision date: 01 09 Paragraph: - deleted - see previous version What is discretionary relief for social housing?
If a charging authority wishes to offer discretionary social housing relief, it must publish its policy setting out what is required to qualify for this relief, including the criteria governing who is eligible to occupy the homes and how these will be allocated. Discretionary social housing relief where applied for and obtained will apply to affordable dwellings which meet the criteria set out in regulation 49A inserted by the Regulations and as amended by the No.
Paragraph: Reference ID: Revision date: 16 11 See previous version What is the procedure for claiming mandatory or discretionary social housing relief? The levy collecting authority handles claims for social housing and discretionary social housing relief.
In most cases except in London , the collecting authority and the charging authority are the same. A claimant wishing to apply for social housing relief should use Form Claiming charitable and social housing relief. To qualify for relief, the claimant must be an owner of a material interest in the relevant land defined by regulation 4 2 and have assumed liability to pay the levy on the chargeable development. Flow chart showing procedure for applying for and obtaining the social housing exemption PDF , KB, 1 page Social housing relief is calculated according to paragraph 6 of Schedule 1 inserted by the Regulations.
The figure for a given calendar year is the figure for 1 November of the preceding year. In the event that the index ceases to be published, the Retail Prices Index must be used instead. A claim for relief will lapse if development commences before the collecting authority has notified the claimant of its decision. A party claiming social housing relief must submit a commencement notice to the charging authority for a development that is granted relief. The date of commencement determines when the 7-year clawback period expires, apart from dwellings granted social housing relief under regulation 49 7A for which the clawback period expires 7 years after the dwelling is first let.
For dwellings granted social housing relief under regulations 49 7B and 49A 2 c i the clawback period ends with the day on which the dwelling is first sold regulation 2 1 as amended by the No. Paragraph: Reference ID: Revision date: 16 11 See previous version Can mandatory or discretionary social housing relief be claimed for communal development? Relief can be claimed for communal development that is associated with a development involving social housing see Regulation 49C.
To qualify, the communal development must be for the benefit of the occupants of more than one dwelling which qualifies for social housing relief whether or not it also benefits the occupants of the non-social housing. The gross internal area of the communal development that qualifies for relief is calculated using the formula in Regulation 49C.
This provides that the communal development is apportioned between the area of development qualifying for social housing relief and other development permitted by the same planning permission. Paragraph: Reference ID: Revision date: 01 09 How is the beneficiary identified when disposing of land?
The effective enforcement of social housing relief — which applies to social housing and discretionary social housing relief — relies on identifying the beneficiary or beneficiaries of that relief. The initial beneficiary of all social housing relief on a chargeable development is the party who submitted the claim — regardless of whether he or she owns some or all of the land on which the social housing will be built. However, the relief attached to each qualifying dwelling is transferred if the land on which they sit, or will sit, is sold before they are ready for occupation.
The relief for those dwellings is calculated and transferred from the old to the new beneficiary under regulation 52 , as amended by the Regulations. The seller must notify the collecting authority in writing of the sale, copying this to the buyer and the previous beneficiary of relief for those dwellings if this is not the seller. As the claimant may only own one of the material interests in the relevant land, the seller of the land might not be the current beneficiary of relief.
He or she will in most cases know about the social housing relief attached to that land, however, through the liability notice. The notification must give details of: the gross internal area of the qualifying dwellings that will be situated on the land being sold; the location of those dwellings through a map or plan; and the name and address of the seller, the buyer and the former beneficiary of relief from those dwellings if not the seller.
Under regulation 54 , a collecting authority may serve an information notice on the claimant to enable it to calculate this. After calculating the revised relief, the collecting authority must issue an updated liability notice that identifies all social housing relief beneficiaries and what relief they benefit from.
Paragraph: Reference ID: Revision date: 01 09 What happens if the social housing no longer qualifies for relief? The relief for that dwelling must be repaid by the beneficiary. The occupant of the dwelling will never pay clawback — liability falls on the owner of the land immediately prior to the dwelling being made available for occupation. If a disqualifying event occurs before the commencement of development, social housing relief would be cancelled and the liability to the levy would be recalculated.
A disqualifying event is any change to a qualifying dwelling causing it to no longer qualify for social housing relief — regulation 53 , as amended by the , and Regulations , and the No 2 Regulations. In the case of a dwelling that was granted social housing relief under regulation 49 7A , the beneficiary must additionally repay the interest on the withdrawn relief calculated from the date on which the chargeable development commenced see regulation 53 4A.
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