On May 28, 2021, the Biden administration released its fiscal year 2022 budget proposals, which include two major legislative plans previously released by the administration, the American Jobs Plan (focused on corporate tax reform) and the American Families Plan (focused on individual tax reform). On the same day, the Treasury Department released its highly anticipated…

July 8, 2021 Read more >

The first report of the Office of Tax Simplification (“OTS”) when it was published in November 2020 caused headlines with its recommendations around increasing the rate of Capital Gains Tax (“CGT”).  Unsurprisingly, this caused press headlines and a strong response from the business community. In contrast, the publication of their second report into CGT has…

July 5, 2021 Read more >

The Financial Conduct Authority (FCA) is in the process of introducing the new Investment Fund Prudential Regime (IFPR), a single streamlined and simplified prudential regime for FCA authorised MiFID investment firms from 1 January 2022. The IFPR will be greatly aligned with the EU Investment Firms Regulations ((EU) 2019/2033) and the Investment Firms Directive ((EU)…

July 5, 2021 Read more >

MM&K’s Life in the Boardroom report is based on a unique survey sent out to Non-Executive Directors themselves in order to gather insights into their individual thoughts on boardroom policies and practice. Our survey represents the views of Non-Executive Directors working in a variety of industries and settings, including Financial Services, Technology, Energy, Media and…

June 3, 2021 Read more >

In March this year HM Treasury issued a Call for Evidence on the effectiveness of Enterprise Management Incentives (EMIs) in fulfilling the Government’s policy objectives of helping Small and Medium Enterprises (SMEs) recruit and retain employees. The Government’s objective for this call for evidence was to gather more evidence to understand whether the EMI scheme…

June 2, 2021 Read more >

The 2021 – 2022 MM&K / GECN Group research is focused on the role of ESG factors in global executive remuneration and is a continuation to the “2021 and Beyond: Global Executive Incentive Trends The Shift to Non-Financial Measures” Report. The 2021 and Beyond Report identified  global trends on the inclusion of ESG factors in…

June 2, 2021 Read more >

The 2021 AGM season has been notable for a spate of high-profile challenges to executive remuneration policies. Proxy advisers and institutional shareholders have shown scant regard for status, size or, in some cases, performance. Astra Zeneca received no Government furlough cash, yet made bonus awards and proposed increases to LTI vesting multiples. Shareholders registered a…

June 2, 2021 Read more >

The UK Corporate Governance Code (“the Code”) was updated in 2018, but as with all reforms of this nature, the effects could not be measured until a full cycle of disclosure had occurred.  In the last couple of weeks, the FRC have published a report (“the Report”) providing a review of how these changes have…

June 1, 2021 Read more >

Earlier this year, the High Court in the matter of Euro Accessories Ltd [2021] EWHC 47 (Ch) held that a discount should be applied in determining the value of a minority shareholding that is subject to compulsory purchase at “fair value”. In this case, the petitioner held 24.99% of the issued share capital of the…

June 1, 2021 Read more >

This month MM&K launched its 26th annual Compensation Survey for the European Private Equity and Venture Capital Industry.  Our survey provides participating firms with market leading, detailed information on both the quantum and structure of pay in the European PE, VC, Infrastructure and Real Estate fund management industries.  In the survey we collect data on…

April 28, 2021 Read more >

According to a recent private equity news publication, 449 European Private Equity backed transactions worth an estimated €70bn were announced in the first three months of 2021.  Interestingly nearly half of these deals, both in number and size, were done in March.  This more than substantiates anecdotal reports that the private equity investment community is…

April 28, 2021 Read more >

An annual return needs to be submitted by all companies who have an active employee share plan registered with HMRC. This includes tax-advantaged share plans such as EMI, CSOP, SAYE and SIP as well as any non-tax advantaged plans or arrangements such as unapproved options, conditional share awards (or restricted stock units), growth share plans…

April 28, 2021 Read more >