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Might EVA be making a comeback? Economic Value Added (EVA) was a popular financial measure in the 1990s, used by many major companies as well as investment analysts.  Interest in EVA has recently re-emerged as a result of the acquisition of EVA Dimensions by Institutional Shareholder Services (ISS) last year. EVA is defined as: EVA…

February 25, 2019 Read more >

Companies’ social purpose Over the last few years we have seen companies come under increasing scrutiny from the public, media and politicians.  In response, we have seen a new Corporate Governance Code, new disclosure regulations and extra requirements for investors.  One theme that has emerged is a new emphasis on companies’ social responsibility.  This trend…

February 20, 2019 Read more >

Executive Director Pensions and Post-Employment Shareholding Our December e-news described the new Investment Association (IA) Remuneration Principles published on 22 November 2018.  On 23 January 2019, the IA announced the specific approaches which IVIS will take at AGMs in 2019 on two of its new requirements: Executive Director Pensions and Post-Employment Shareholding Periods.  These apply…

January 24, 2019 Read more >

New Financial Reporting Lab report on Performance Metrics – what Remuneration Committees should take away The Financial Reporting Lab was launched in 2011 to provide an environment where investors and companies can come together to develop pragmatic solutions to today’s reporting needs. The Lab has worked with 65 different companies, 60 investment organisations and over…

January 22, 2019 Read more >

“MM&K continues to develop its global reach” Between 4th and 7th January, Paul Norris and Nigel Mills attended the fifth Annual Conference of the Global Governance and Executive Compensation Group (“GECN”) in Sydney. The GECN is a group of independent firms, whose logos appear below, specialising in advising corporate clients on executive compensation and good…

January 10, 2019 Read more >

Wishing all our clients a successful and prosperous 2019 Regardless of what happens concerning the UK’s continuing relationship with the rest of Europe as the PM seeks to re-open negotiations, life will continue, decisions will have to be taken, strategies formulated and business plans executed. It’s going to be a busy year. News of potentially…

January 3, 2019 Read more >

Launch of the Wates Principles for large private companies As we have already mentioned in our “Executive Remuneration Landscape” article, which was published in our September e-newsletter, 2018 has been one of the most eventful years in terms of remuneration governance in the UK. Earlier this year we saw the publication of the 2018 UK…

December 18, 2018 Read more >

Introduction On 22 November 2018, the Investment Association (“IA”), wrote to the chairmen of the remuneration committees of FTSE 350 companies attaching its updated Principles of Remuneration. These changes to the IA guidelines have been made against the backdrop of the new remuneration provisions in the UK Corporate Governance Code and the changes to the…

December 18, 2018 Read more >

New Investor Remuneration Guidelines As we move into 2019, the investor institutions and proxy agencies have been busy, producing their revised remuneration guidelines.  After a very active year in corporate governance there are, not surprisingly, a lot of changes. Starting with Glass Lewis: this major voting advisory agency has just issued its 2019 Proxy Guidelines…

December 5, 2018 Read more >

Valuation of share-based remuneration:  importance of underlying assumptions There are particular circumstances when a company needs to calculate a fair value of share options or performance share awards.  As the majority of performance shares in the UK are structured as nil-cost options this article refers throughout to options only. The most common circumstances are: 1.…

November 27, 2018 Read more >

Largest AIM companies stick with UK Corporate Governance Code AIM companies are required to adopt a recognised corporate governance code – which one do they choose? One of the main attractions of listing on the AIM market is the reduced regulatory requirements compared to a main market listing, but do the biggest AIM companies take…

November 26, 2018 Read more >

Are chief executives overpaid? In October 2018, Deborah Hargreaves published a new book, under the title “Are Chief Executives Overpaid?”. The question, of course, is rhetorical. Hargreaves is an ex Guardian business editor and FT journalist who has made it her life’s work to attack fat cat pay, which she believes is having a corrosive…

October 24, 2018 Read more >

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