HMRC has recently updated their guidance in the HMRC manuals at ETASSUM54300 on their views about what would and would not constitute acceptable exercise of discretion in the context of EMI Options. Background Paragraph 37 of Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 provides that the terms of any EMI Option…

November 22, 2022 Read more >

We are delighted to announce that we about to publish our latest MM&K PE/VC Compensation Report which sets out our findings from our 2022 survey of the UK and European private equity, venture capital, infrastructure and real estate fund management industries. The survey covers both short-term and long-term aspects of pay and incentive practice in…

October 12, 2022 Read more >

The FRC (soon to become ARGA) is about to review the provisions of the UK Corporate Governance Code, which is applicable to companies having a premium listing on the London Stock Exchange. An informal consultation process, which will include organisations like the QCA, is scheduled to commence at the end of this month. This will…

October 12, 2022 Read more >

On 23rd September 2022, the UK government announced its mini budget unveiling tax cuts in an attempt to encourage growth during the cost-of-living crisis. By 26th September, the pound had fallen to its lowest ever exchange rate against the US dollar at £1 to $1.04. Aside from the immediate effects that this will have on…

October 12, 2022 Read more >

The Growth Plan 2022 announced by the Chancellor of the Exchequer includes some changes to the employee share schemes, a summary of which is set out below. Company Share Option Plan (CSOP) Perhaps the most significant change announced in the Growth Plan 2022 affects CSOPs. In particular, the individual limit is being increased from £30,000…

October 12, 2022 Read more >

MM&K’s Paul Norris was interviewed by Katya Gorbatiouk for London Stock Exchange’s Market Matters to discuss the current state of director and executive remuneration and how it is might evolve in the future. The interview covered a wide range of topics and includes insights on current challenges for remuneration committees, ESG, the impact of policies…

October 12, 2022 Watch the interview >

We are delighted to welcome on board Yolanda Roach. Yolanda is a Human Resources (HR) Professional with seventeen years’ experience and has an Industrial Psychology Bachelor’s degree which she obtained at the University of Cape Town. In her most recent role as a Group HR Director, Yolanda spearheaded the transformation of the human resources function…

October 3, 2022 Read more >

ESG is a growing characteristic of executive remuneration plans, with 58% of FTSE 100 companies including these metrics in their reward packages – up from 45% in 2020. According to a 2021 PwC Survey amongst Corporate Directors, 94% support the inclusion of non-financial targets in executive compensation plans. But aside from this, why should companies…

September 15, 2022 Read more >

According to the press, Goldman Sachs economists are predicting a recession later this year and that UK inflation will rise to more than 22% next year. The pound is weak against both the US dollar and the euro. Questions are being asked about how can businesses, communities and individuals survive this latest economic crisis. Inflation…

September 15, 2022 Read more >

Whatever term you wish to use, a rolling story over the last few months has been about workers deciding that they will only do “their job” and not work harder for “the business”. At a time when the short-term economic future looks to still be in the balance, such sentiments may cause concern for managers…

September 15, 2022 Read more >

FT comment supports our Life in the Boardroom survey results that NEDs’ pay is losing pace with their increasingly demanding roles. NEDs are seeking lucrative roles in private and PE-backed companies away from the public gaze. Last Thursday, Agenda, an FT Specialist publication that focuses on corporate boards, published an article “UK non-executive director pay…

September 14, 2022 Read more >

We don’t live in a perfect world nor a perfect meritocracy, but – generally – aren’t people who miss a promotion simply not up to scratch? Thanks to ruthless market forces, a company has a strong incentive to select only the best (barring any nepotism) since empowering low-performers should promptly acquaint a company with its…

September 13, 2022 Read more >