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 >

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 >

We all recognise and are used to the raft of comment, regulatory guidance and best practice principles which surround ESG. It’s hard to deny the importance of the need to take care of the environment, be mindful of the effects of business activity on society and to operate as businesses within a sound governance framework.…

April 28, 2021 Read more >

The recent sunny weather has, no doubt, helped foster a more “up-beat” attitude and as the various key road map markers start to be successfully passed, many businesses are starting to think about “what’s next?” in terms of their employees. Whether you are a business that has had to keep your premises open or an…

April 28, 2021 Read more >

On 18 March, the Government launched a consultation on a series of wide-ranging reforms to modernise the country’s audit and corporate governance regime.  It is a beast of a document – some 230 pages in length.  And every individual involved in governance within an organisation, whether large or small, should take a look at it. …

March 30, 2021 Read more >

Chapter 11 is a form of bankruptcy in the US, that allows companies to stay open and operating while reorganising their debt. Many companies that file for Chapter 11 bankruptcy, successfully emerge financially stronger. So, what happens to executive pay when a company emerges from Chapter 11? There is a perception that companies which have…

March 29, 2021 Read more >

As they say in the movies, this is based on a true story. The business had been through a number of transformations before emerging into private equity hands. It was floated on AIM, in something of a hurry, principally to pay down debt. The private equity house retained a stake in the business post-float. During…

March 28, 2021 Read more >

In April 2020, the Investment Association (IA) published their guidance on shareholders expectations during the COVID-19 pandemic in relation to executive remuneration in UK listed companies. This guidance was updated in November 2020. In view of the impact that the on-going COVID-19 pandemic restrictions and the lockdown is having on certain listed company’s remuneration committee’s…

March 28, 2021 Read more >

As part of its long-term strategy around taxation, the administration of tax and wider tax policies, HM Treasury have split out the aspects of the recent Budget that related specifically to these areas.  As a result, Tuesday 23rd March saw the publication of a raft of tax policies and consultations. The impact of this work…

March 27, 2021 Read more >

On Wednesday 24th February, the Investment Association published an update on its previous guidance seeking to update IA member expectations on how Remuneration Committees should be reflecting the impact of COVID-19 on executive pay. The main thrust of the update was an addendum to the original guidance that it published in November 2020 which we…

February 25, 2021 Read more >

Following last month’s article about gender diversity, this month, MM&K will dive into a different area of diversity: age. Diversity is an increasingly important matter for companies of all kinds- but it is not just limited to race and gender.  In fact, age diversity may play a significant role with regard to managing key social…

February 25, 2021 Read more >