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On 8 June 2020, HMRC published the Employment Related Securities Bulletin 35 which addresses certain issues concerning the impact of COVID -19 on employee share schemes. A brief summary of the bulletin is set out below. Click here for the full bulletin. Enterprise Management Incentives (EMIs) With regard to EMI, the bulletin states that HMRC…

June 29, 2020 Read more >

MM&K has recently conducted its annual Pulse Survey of the latest trends in the world of PE and VC Fund Managers’ pay and staffing levels. Perhaps not surprisingly, many firms were somewhat distracted by the Lockdown and the effect this was having on their staff and their working patterns. Notwithstanding this, we were able to…

June 29, 2020 Read more >

The recent summer solstice reminds us that the year is half way through and for those involved in managing people, this is likely to be the time for a half year or even full year review. However, even if it isn’t, now is still the time to have these conversations. Given all of the recent…

June 29, 2020 Read more >

All of us have had to make major adjustments to our lives over the past three months. Boards of directors and their remuneration committees are no exception. Many companies have been required to make transformational changes to their operations and their remuneration policies, and may yet have to make more. Here are five key agenda…

June 29, 2020 Read more >

But is now a good time to adopt a new employee share plan? A recent report, published by The Social Market Foundation (“the SMF”), in February 2020 was entitled “Strengthening employee share ownership in the UK”.  This report was both supported and funded by the Investment Association. The SMF is an independent British political public…

May 28, 2020 Read more >

The market price of oil balances the scales between success and failure for companies operating in the sector. Boards keep a close watch on the break-even price. The average break-even price in the US was estimated recently to be between $48 and $54 per barrel (with the caveat that a sustained price of less than…

May 28, 2020 Read more >

Traditionally, UK NEDs have been paid an annual cash fee, supplemented, in some cases, by additional cash for chairing or being a member of a Board committee. Participation by NEDs in annual bonus plans and performance-related share options or LTIs is opposed by investors and good corporate governance guidance. Some investors have gone even further…

May 28, 2020 Read more >

Without doubt, it is always difficult being an early adopter and trying something new. Those in new areas of the economy talk about being at the “bleeding edge” rather than the leading edge when it comes to changing things.  As we explored in a recent Article, the adoption in the UK of a Deferred Share…

May 28, 2020 Read more >

One of the things that we have seen time and time again, as advisors to a wide range of companies across many sectors, is that future success after a downturn is not measured by how you weathered the initial storm, but how you came out the other side. Frequently, success is measured by costs saved…

May 28, 2020 Read more >

Overview If your company operates a share or share option plan for employees or directors (including non-executive directors) you will need to report any awards by filing electronically with HMRC (as well as reporting the adoption of the plan if it is the first year in which awards have been made). In addition, if employees…

April 30, 2020 Read more >

Back in November last year, the Investment Association (the “IA”) came out with these dramatic words: “Alternative remuneration structures – We encourage all Remuneration Committees to evaluate their remuneration structures to ensure that they are appropriately aligned with the implementation of the company’s strategy. In recent years, there has been a growing debate on the benefits…

April 30, 2020 Read more >

There is now a singular concentration on conserving corporate cash. The Bank of England has issued a statement, falling barely short of an instruction, that banks should withhold dividend payments. Some, but not all, have complied. This is a crucial week for UK plc, as a number of the UK’s largest companies announce their results…

April 30, 2020 Read more >

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