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Some years ago, I attended the AGM of one of the UK’s biggest supermarkets. A shareholder asked a question about the proposed new executive LTIP. After a pause, one of the non-executives stood up and replied “it is too complex to explain”. I was reminded of this recently when MM&K inherited two Value Creation Plans…

October 23, 2018 Read more >

MM&K investigated the LTIP policies for 59 of the largest not-for-profit organisations to answer this question. Our sample consists of Charities, Housing Associations, Co-operatives, Building Societies, Mutual Insurance companies and Education Establishments (Universities and College Groups). It is important to note that the vast majority of these organisations do not operate an LTIP. Policy data…

October 18, 2018 Read more >

It is curious how many technical expressions slip into the common language with a meaning entirely different from their true meaning – and often opposite. A couple of examples are “epicentre” and “lowest common denominator”.  People commonly use “epicentre” to mean the very heart of the centre.  The press might report “Tottenham was the epicentre…

October 18, 2018 Read more >

The answer is: when it’s an Inclusive Ownership Fund (IOF). Few would disagree that an engaged workforce delivers greater productivity or that offering shares to employees creates direct engagement with the financial and economic performance of the business. But proposals announced at the Labour Party Conference this week that would require companies employing more than…

September 27, 2018 Read more >

Changes to UK corporate governance guidance and disclosure regulations introduced this summer have expanded the remit of remuneration committees. The effects reach beyond quoted companies. We have designed a programme to help navigate through the added complexity. The UK Corporate Governance Code (UKCGC), applicable to companies with a premium listing in London, now requires remuneration…

September 27, 2018 Read more >

The Commons Committee is chasing a myth again. Its chair, Rachel Reeves, has told the Mail on Sunday that the Committee is going to ramp up its attack on fat cats this autumn. She believes that executive pay is increasing at a rate that vastly exceeds increases for ordinary employees and which seemingly is at…

September 27, 2018 Read more >

2018 has been, probably, the most eventful year in UK history on remuneration governance. The year saw the culmination of the Government’s wide initiative on corporate governance reform, with a revised UK Corporate Governance Code published by the FRC in July and new corporate disclosure regulations approved by Parliament in June. This was supplemented by…

September 27, 2018 Read more >

On Thursday 13th September, the SEC rescinded two guidance letters from 2004 in a move that will potentially reduce the influence that ISS has on, among other things, Say-on-Pay votes. These guidance letters informed investment managers that outsourcing their proxy voting decisions to proxy advisors would satisfy their obligations as fiduciaries to vote their shares…

September 17, 2018 Read more >

On 30 August the Investment Association published its analysis of voting in the 2018 AGM season. Company resolutions are added to the register if they fail to achieve an 80% vote in favour. The picture is rather confused. For all listed companies the number of resolutions not achieving the hurdle dropped from 68 in 2017…

August 30, 2018 Read more >

Which companies do the pay ratio requirements apply to? Quoted companies (not AIM companies) with >250 UK employees (average no. over the financial year). This includes all UK employees who have a contract of service with the company, regardless of hours worked, although it is the FTE pay figure that is used. The draft regulations…

August 29, 2018 Read more >

On 11 June the Government put before Parliament a substantial and important statutory instrument, “” (2018  Regulations) which gives effect to a wide range of corporate governance reporting improvements that BEIS has been working on ever since its Corporate Governance Green Paper of 29 November 2016 .  These make several amendments to existing disclosure regulations,…

July 16, 2018 Read more >

The Impact of the FRC’s proposed changes to the UK Code was the theme for the recent Remuneration Dinner held by MM&K – the latest in its series of dinners for CEOs and Non-Executive Directors.  To read an overview of the evening click here. The final Code was issued on 16 July. The style of…

July 16, 2018 Read more >

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