The Wates Corporate Governance Principles aimed at large private companies, provide a corporate governance framework and an opportunity for all private companies to develop their approach to corporate governance and best practice in the interests of the long-term success of the business. One of the six Wates principles is ‘Board composition’, which states that to…

February 24, 2023 Read more >

On 19th January 2023, HMRC published the Employment Related Securities Bulletin 47. The main contents of the Bulletin are: Changes to the ERS year-end return template Changes to the CSOP limit and share class restrictions Update of the ERS guidance Changes to the ERS year-end return template HMRC has announced that they will be making…

February 24, 2023 Read more >

For 31 years MM&K has conducted an exclusive Chair and Non-Executive Director Survey (Life in the Boardroom), which covers directors’ fees and time commitments, as well as their views on a range of current board issues, which are important to them. In the last issue of the report – Life in the Boardroom 2021/22, we…

February 24, 2023 Read more >

We received an interesting question recently. A large global firm was seeking advice on the pay relationship between a full-time (executive) Chair and a separate, full time CEO.  They believed that situation might be common in the UK (or more common than in some jurisdictions) and asked for our views. Whilst this situation is not…

February 24, 2023 Read more >

Companies with Employee Stock Ownership Plans (ESOPs) have typically been overlooked by Private Equity firms due to their perceived 100% employee-owned structure. However, in recent years, companies have been using more partial ESOPs. Could this be the turn of the tide for PE firms to consider these companies alongside the benefits that an ESOP provides?…

February 24, 2023 Read more >

Business quarters all have their own cycle.  But for those with December year ends in particular, this relatively quiet period (from a management perspective) at the end of February often comes as a bit of a surprise. So, rather than wasting the opportunity that this temporary lull can bring, here are three recommendations for some…

February 24, 2023 Read more >

In November 2022, the Financial Reporting Council (“FRC”) published its annual review of Corporate Governance Code (“the Code”) disclosures.  As previously, it selected a range of 100 companies across the FTSE 350 and Small Cap markets. Whilst much of the findings will only be interesting to fully listed businesses, there are still some important points…

January 26, 2023 Read more >

For the past 27 years MM&K has been running the Private Equity and Venture Capital Compensation Survey. In the past couple of years we have seen unprecedented demand for junior investment professionals and a commensurately significant increase in their remuneration – a factor also noted by a number of our contacts. 75% of firms across…

January 26, 2023 Read more >

Listed companies are required to put their directors’ remuneration policy to a shareholder resolution at least every three years. If a company wishes to make any changes to its remuneration policy, it must put the new policy to shareholders for approval at an annual general meeting (AGM). Several listed companies are likely to be seeking…

January 26, 2023 Read more >

MM&K (the UK partner firm in the GECN group) has published its 2023 research on how the world’s largest firms use ESG (environmental, social, governance) metrics in their executive incentive plans. Download your free copy here. We researched the world’s top firms for how they use ESG metrics when paying their CEOs. A category among…

January 26, 2023 Read more >

Following the UK Government’s announcement last September that the cap on bankers’ bonuses was to be removed, it is important to consider the knock-on effect this is likely to have on wider businesses and their attitude towards remuneration. The bonus cap in question currently prevents employees of UK banks, building societies and certain investment firms…

January 26, 2023 Read more >

On 22 December 2022, HMRC published its tax avoidance bulletin Spotlight 61 – ‘Disguised remuneration: remuneration trusts used to reduce profits and disguise income’ which follows the warning given by HMRC in Spotlight 51 and Spotlight 56 about remuneration trust tax avoidance schemes and explained why these do not work. HMRC have noticed that certain…

January 26, 2023 Read more >