IRISH CORPORATE GOVERNANCE CODE
Euronext Dublin published the Irish Corporate Governance Code (the Irish Code) which it consulted upon earlier this year. The Irish Code applies to financial years commencing on or after 1 January 2025.
Irish incorporated companies with an equity listing on Euronext Dublin will be subject to the Irish Code, which is to be applied to issuers under the Euronext Dublin Listing Rules. Where a company is dual listed in both Ireland and the UK, it will have the option to either apply the Irish Code or the UK Corporate Governance Code.
For more, see our Insights: Introduction of Irish Corporate Governance Code.
UK STEWARDSHIP CODE
Following its announcement in February 2024 that it would be undertaking a fundamental review of the 2020 UK Stewardship Code, the FRC recently announced its five priority areas of review and five interim changes to reporting requirements for existing signatories to the Stewardship Code which will apply for the next application window, 31 October 2024.
IA PRINCIPLES OF REMUNERATION
The Investment Association (IA) published revised Principles of Remuneration (the Principles) which were last updated in November 2022. The Principles are guidelines (not rules) aimed at assisting remuneration committees to adopt remuneration structures which are both aligned with the long-term interests and expectations of the company/its shareholders and which are appropriate for the business.
The IA indicated their intention to conduct a "fundamental review" of the Principles in a letter to remuneration committee chairs of FTSE 350 companies in February 2024. The changes are designed to improve the competitiveness of UK remuneration practices while ensuring that there is a clear link between pay and performance.
For more, see our Insights: Investment Association Publishes Revised Principles of Remuneration.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.