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On 31 October 2016, the Investment Association
("IA") wrote to chairmen of remuneration
committees of FTSE 350 companies setting out significant changes in
its principles of remuneration, mostly made in response to the
Executive Remuneration Working Group's recommendations,
published on 26 July 2016.
increased flexibility for
remuneration committees to adopt the structure most appropriate for
the implementation of their business strategy;
a requirement for companies to
disclose pay ratios between the CEO and median employee, and the
CEO and the Executive team, to provide context to
remuneration;
a requirement for executives to
continue to hold shares for a time period after termination of
employment;
an obligation on companies to consult
shareholders if more than 20% of votes cast are against a
remuneration proposal, to understand the opposition and take
measures to address concerns; and
new guidance on restricted share
awards. The updated principles of remuneration can be accessed
here:
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At the contract formation stage, leaving key issues for future negotiation may mean you only have an agreement to agree rather than an enforceable commitment.
His Exalted Highness the Nizam of Hyderabad was anxious. The richest man in the world had reason to be on edge, as he was about to experience one of the most tremendous reversals in human history.
If you are a trustee of a UK resident trust or of a non-resident trust which has UK assets or UK source income you may need to take action before 5 October 2017.
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