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PE/VC Fund Manager Compensation Survey MM&K has been running its PE / VC compensation survey for more than 20 years now. Our survey is not just about the numbers, although it does cover that very well.  It also provides invaluable insights into trends and direction of travel in the Private Equity / Venture Capital industry.…

June 27, 2019 Read more >

The UK Corporate Governance Code requires, for listed companies, annual evaluation of the performance of the board. The chair should consider having a regular externally facilitated board evaluation.  In FTSE 350 companies this should happen at least every three years. The Government Department for Business, Energy and Industrial Strategy (BEIS) received responses on its Insolvency…

June 27, 2019 Read more >

Have a discussion about pay, and in particular executive pay, and invariably someone will raise the idea of “negative bonuses”. The concept is simple, if bonuses are meant to be a reward for delivering a performance that is above and beyond what is expected, then surely it is only ‘proper’ that an executive should have…

June 25, 2019 Read more >

For the tax year 2018/19, the deadline for filing the share schemes annual returns is 6 July 2019.  The filing obligation applies in relation to any new share schemes implemented as well as existing share schemes. HMRC do not send out any reminders. As there are automatic penalties for late-compliance, we recommend filing your online…

June 25, 2019 Read more >

Background A series of reforms have been introduced to the taxation of termination payments from 6 April 2018 following technical consultation. Although the reforms started out as simplification measures, they now “clarify and tighten” the taxation of such payments. In other words, the legislative changes effectively enlarge the scope of taxation of termination payments. Position…

June 25, 2019 Read more >

On 20 June, MM&K Chief Executive, Paul Norris made a presentation at The London Stock Exchange (LSE) to an audience of AIM companies and advisers on designing fit-for-purpose remuneration policies. He was joined by Naomi Scott-Mackie a consultant in First Flight (non-executive search) and Kieran Moynihan (Managing Partner in Board Excellence) to reinforce the message…

June 20, 2019 Read more >

Introduction Malus and clawback provisions in incentive plans were originally introduced for financial institutions, mainly in response to the financial crash in 2008.  However, they have now become common for LTIPs and executive bonuses in all sectors.  They originally applied in very limited circumstances, such as misstatement of financial results or gross misconduct by the…

June 20, 2019 Read more >

This new book from the Institute of Economic Affairs was published on 8 May 2019. It is a collection of essays on executive pay, providing fascinating insights into the nature of high pay and making a compelling contribution to one of today’s most contentious issues. The book is edited by Professor Len Shackleton of the…

May 29, 2019 Read more >

Some non-executive directors (NEDs) also provide consulting services to the companies on whose boards they sit and to others. How will the proposed changes to IR35 affect the provision of those consulting services? HMRC published a consultation paper Off-payroll working rules from April 2020 on 5  March 2019. The consultation period closed on 28 May…

May 29, 2019 Read more >

The Financial Reporting Council (FRC) together with the Chartered Institute of Accountants have recently published a guide to help improve financial reporting within smaller listed and AIM quoted companies. It is specifically aimed as a guide for Audit Committee members and provides top tips for the members to consider and ask themselves (including questions which…

May 29, 2019 Read more >

This is a summary of an article written by Robin Ferracone, CEO of Farient Advisors, MM&K’s US partner in the Global Governance and Executive Compensation Group (GECN). Proxy advisers, such as Institutional Shareholder Services (ISS), review company disclosures and provide cost-effective, independent research and voting recommendations to institutional investors, using the investors’ own voting guidelines.…

May 29, 2019 Read more >

Whether you think in these terms or not, the way a company sets up, manages and then settles its bonus plans will have a direct impact on the behaviour of people within the organisation. Here are five thinking points in respect of creating successful bonus plans for 2019 and beyond: 1. Be clear about the…

May 29, 2019 Read more >

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