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On 10 April 2019, the Government laid before Parliament a new set of revisions to the Directors’ Remuneration Reporting Regulations (DRRR or “Schedule8”). After the wholesale revision to the DRRR in 2013, the regulations remained pretty much unchanged until July, 2018. The 2018 Companies (Miscellaneous Reporting) Regulations then introduced a number of changes to the…

April 17, 2019 Read more >

The deadline for submitting annual online employee share plan returns to HMRC for the tax year ended 5 April 2019 is 6 July 2019.  This is also the deadline for registering new plans which were first operated during that tax year. We recommend that companies should try to complete registrations and annual returns well before…

April 16, 2019 Read more >

On 3 March the European Commission issued new guidelines on the standard presentation of the remuneration report under Directive 2007/36/EC. This was to comply with a mandate presented in Article 9(b)6 of the 2017 revisions to the second Shareholder Rights Directive (SRD II)[1]. The guidelines are non-binding and the UK Government has to decide how…

March 28, 2019 Read more >

The Financial Reporting Council (FRC) has published a consultation paper on a new Stewardship Code that sets substantially higher expectations for investor stewardship policy and practice.  The proposed changes call for higher transparency regarding institutional investors’ stewardship activities and encourages more engagement with companies.  The proposed changes have significant potential consequences for investment organisations and…

March 28, 2019 Read more >

On the face of it, things do not currently look too rosy for the AIM market. There has just been one new IPO on AIM since the turn of the year. In the same period last year, there were nine. Indeed, last year as a whole saw a regular stream of IPO’s on AIM. In…

March 23, 2019 Read more >

In the past, pension benefits used to form a substantial proportion of top executives’ total remuneration.  This was not just because their entitlements were based on higher salary levels than employees generally but also because these executives had more generous percentage employer contributions or accrual rates.  Moreover, the full value of directors’ pension rights was…

March 22, 2019 Read more >

This case study explains how a FTSE 250 company, with MM&K’s help, adapted a UK Share Incentive Plan (SIP) for its employees in Germany and Luxembourg. The Company regards employee ownership as essential to aligning employees and shareholders by creating a common interest in the growth in value of the Company. The UK SIP The…

March 20, 2019 Read more >

Holt Private Equity Consultants, MM&K’s allied firm in the US for Private Equity compensation matters, recently published the results of its North American PE Compensation Survey.  This survey is the sister survey of our European PE and VC Compensation Survey.  The results from the North American survey make for interesting reading. The survey analyses compensation…

February 27, 2019 Read more >

Whether you are a well-established organisation or still in early stages, it is important to make sure that the long term elements of your executive and key personnel remuneration are working properly for your business. Whilst establishing whether or not this is the case will take some time and discussion, it is important for anyone…

February 27, 2019 Read more >

Like any EU member state, the UK is subject to the ‘state aid regime’ regarding competition law, governed by the Treaty on the Functioning of the European Union and associated European legislation. These rules are in place to ensure open and fair competition and to prevent subsidies causing unfair distortions within the single market. State…

February 27, 2019 Read more >

In November 2018, John McDonnell, Shadow Chancellor, published a review he had commissioned from a group of 13 academics into the thorny subject of executive pay.  The review is described as “independent” but the intellectual allegiance of the contributors is evident in the title: “Controlling Executive Remuneration: Securing Fairer Distribution of Income” (my italics).  The…

February 26, 2019 Read more >

Please click here to read an overview of the evening in which the theme for discussion was: “Could Remuneration Committees take a more active approach to gaining the high ground on executive pay?

February 26, 2019 Read more >

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