MM&K News

  • May 30, 2018

    SAYE permitted missed contributions extended from six to 12
    The regulations for Save-As-You-Earn/Sharesave share option schemes allow employees to miss up to six monthly contributions. These contributions can be made up in later months and the bonus date, when options become exercisable, is delayed accordingly. From 1 September 2018, this maximum ‘savings holiday’ is to be extended to 12 monthly contributions. The new provision will apply to all SAYE option holders, not just those who may be on special leave; but an amendment to the scheme Rules will be required in some cases.

  • May 25, 2018

    GDPR and share plans – update
    As you will be aware from the numerous emails you have received on the subject, the EU General Data Protection Regulation (GDPR) came into effect on 25 May 2018. The Directive has consequences for how data about employees are handled by companies and their agents. One implication which has not been widely publicised is that amendments may be needed to data protection provisions in Employee Share Plan Rules and other documents. Click here for more details.

  • May 15, 2018

    EMI tax relief extended
    Enterprise Management Incentives (EMI) are tax-advantaged arrangements for granting share options to employees of smaller companies, with gross assets of no more than £30 million and fewer than 250 employees. European Union (EU) State Aid approval for EMI expired on 6 April 2018 and there was concern that income tax and NICs relief for EMI options would not be available for a period. However, the European Commission decided on 15 May 2018 that it would not object to the extension of tax relief for EMI. This approval applies until 6 April 2023 or, if earlier, when the UK ceases to be a member of the EU.

  • May 1, 2018

    The Evolution of the Remuneration Committee: proposed changes to the UK Corporate Governance Code and recent changes to the QCA Corporate Governance Code
    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 will be published in “early summer”.

    The text of MM&K’s response to the FRC consultation on its proposed changes can be found here.

    The Quoted Companies Alliance (QCA), has also been revising its Code. The new edition was published on 25th April. The existence of the two codes is particular relevant to AIM listed companies – under a new AIM rule, AIM companies have to declare on their website, by 28 September, which “recognised” corporate governance code they apply and to what extent, with reasons for departure. In practice the UK Code and the QCA Code are only codes emanating from the UK which could be described as “recognised”.
    The new QCA code is radically changed. There is strong emphasis on the culture and values of the company; the number of Principles has been reduced to 10 from 12. Emphasis is particularly on explaining, through the annual report or the website, how the company applies the principles.
    For more information regarding the new code please contact

  • April 25, 2018

    Remuneration Dinner – 11th June
    We are hosting our next Remuneration Dinner for Non-executive Directors and CEO’s at the RAC club on 11th June 2018.  If you are interested in attending or receiving the discussion notes afterwards please contact for information.

  • April 25, 2018

    Grant of EMI Option: current status
    In the ERS Bulletin #27 published on 4 April 2018, HMRC had stated that following the expiration of the EU State Aid approval for Enterprise Management Incentives (“EMI”) on 6 April 2018, EMI options granted in the period from 7 April 2018 until EU State Aid approval is received may not be eligible for the tax advantages associated with EMI options and instead may be treated as unapproved options. Accordingly, HMRC had advised that companies may wish to delay the grant of EMI options until fresh EU State Aid approval has been given.

    As HM Treasury officials continue to work with the Commission for obtaining the fresh EU State Aid approval, current indications are that the process is likely to take a few weeks. In the meantime, it is ‘business as usual’ so far as HMRC is concerned in respect of advance assurance applications and valuation of shares in respect of the grant of EMI options. If however you really have a need to grant EMI options in the short term, please contact us and we may be able to provide some useful suggestions.

    For further information contact: or

  • March 21, 2018

    GDPR and Share Plans
    The EU General Data Protection Regulation (GDPR) is due to come into effect on 25 May 2018. The Directive may potentially have consequences for how data about employees are handled by companies and their agents. One implication which has not so far been widely publicised is that amendments may be need to the Rules and other Employee Share Plan documents. Click here for MM&K’s note on the impact this may have for companies.

  • March 19, 2018

    Remuneration Dinner event
    MM&K recently held one of its regular Remuneration Dinners for CEOs and Non-Executive directors. Please click here to read an overview of the evening in which the theme for discussion was: “The Evolution of the Remuneration Committee: the impact of proposed changes to the UK Corporate Governance Code”.

  • February 28, 2018

    UK Corporate Governance Code – FRC proposed changes
    MM&K’s response to the consultation on the changes to the UK Corporate Governance Code proposed by the Financial Reporting Council.  Click here for our submission.

  • January 8, 2018
    We are delighted to host the latest annual General Meeting of the Global Governance and Executive Compensation Group Network