Proxy advisers: proposed US regulations are misguided This is a summary of an article written by Robin Ferracone, CEO of Farient Advisors, MM&K’s US partner in the Global Governance and Executive Compensation Group (GECN). Proxy advisers, such as Institutional Shareholder Services (ISS), review company disclosures and provide cost-effective, independent research and voting recommendations to institutional…

May 29, 2019 Read more >

Creating successful bonus structures – five things to think about Whether you think in these terms or not, the way a company sets up, manages and then settles its bonus plans will have a direct impact on the behaviour of people within the organisation. Here are five thinking points in respect of creating successful bonus…

May 29, 2019 Read more >

MM&K hosted its annual golf day on 21st May again at Hankley Common Golf Club in Surrey. We were pleased to have 22 clients and friends of MM&K come and join us to play a well contested four ball competition in the morning. Some hardy souls managed to play more golf in the afternoon after…

May 22, 2019 Read more >

This month MM&K Launched its 24th annual Compensation Survey for the European Private Equity and Venture Capital Industry.  The 2019 Survey will provide participants with information on both quantum and structure in respect of salary, bonus plans, carried interest plans and co-investment plans. Through participation in our survey, participants will obtain data which allows them…

April 29, 2019 Read more >

Gender Pay Gap – three things for businesses of any size to consider Legally, the reporting of the Gender Pay Gap (“GPG”) is only required by companies that have 250 or more employees who are based in England, Scotland or Wales. However, there are some important lessons for all organisations in respect of remuneration and the issue…

April 23, 2019 Read more >

In early April, MM&K held a PE/VC Breakfast Seminar for the participants in its last three PE/VC Compensation Surveys. At the seminar the 2018 Landscape of the Private Equity / Venture Capital industry was discussed. We also discussed the outlook on what 2019 may hold for the industry. Prior to the event, MM&K organised a…

April 20, 2019 Read more >

Recent HMRC announcements relating to EMI options HMRC recently made new announcements about tax-advantaged Enterprise Management Incentive (EMI) share options in its Employment Related Securities Bulletin 31 (21 March 2019) and in updated Share Valuations guidance (1 April 2019). Errors in notification of EMI options to HMRC When a company grants an EMI option, it…

April 18, 2019 Read more >

New Directors’ Remuneration Reporting Regulations On 10 April 2019, the Government laid before Parliament a new set of revisions to the Directors’ Remuneration Reporting Regulations (DRRR or “Schedule8”). After the wholesale revision to the DRRR in 2013, the regulations remained pretty much unchanged until July, 2018. The 2018 Companies (Miscellaneous Reporting) Regulations then introduced a…

April 17, 2019 Read more >

Don’t miss the deadline for online share plan returns The deadline for submitting annual online employee share plan returns to HMRC for the tax year ended 5 April 2019 is 6 July 2019.  This is also the deadline for registering new plans which were first operated during that tax year. We recommend that companies should…

April 16, 2019 Read more >

Pending changes to Directors’ Remuneration Report Regulations On 3 March the European Commission issued new guidelines on the standard presentation of the remuneration report under Directive 2007/36/EC. This was to comply with a mandate presented in Article 9(b)6 of the 2017 revisions to the second Shareholder Rights Directive (SRD II)[1]. The guidelines are non-binding and…

March 28, 2019 Read more >

FRC consults on Stewardship Code The Financial Reporting Council (FRC) has published a consultation paper on a new Stewardship Code that sets substantially higher expectations for investor stewardship policy and practice.  The proposed changes call for higher transparency regarding institutional investors’ stewardship activities and encourages more engagement with companies.  The proposed changes have significant potential…

March 28, 2019 Read more >

The AIM Market – heading for trouble in 2019? On the face of it, things do not currently look too rosy for the AIM market. There has just been one new IPO on AIM since the turn of the year. In the same period last year, there were nine. Indeed, last year as a whole…

March 23, 2019 Read more >