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In November 2022, the Financial Reporting Council (“FRC”) published its annual review of Corporate Governance Code (“the Code”) disclosures.  As previously, it selected a range of 100 companies across the FTSE 350 and Small Cap markets. Whilst much of the findings will only be interesting to fully listed businesses, there are still some important points…

January 26, 2023 Read more >

Listed companies are required to put their directors’ remuneration policy to a shareholder resolution at least every three years. If a company wishes to make any changes to its remuneration policy, it must put the new policy to shareholders for approval at an annual general meeting (AGM). Several listed companies are likely to be seeking…

January 26, 2023 Read more >

On 8th November this year, a (cross party supported) Private Members’ Bill was introduced into Parliament with the aim of updating two of the current share ownership schemes (the share incentive plan, known as SIP, and the save-as-you-earn system, known as SAYE or Sharesave) —and proposes a third scheme. As is the nature of these…

November 22, 2022 Read more >

Last month, we restarted our series of remuneration dinners for Board Chairs, CEOs, Remuneration Committee Chairs and committee members. The format is that about twenty diners participate in what is usually a spirited discussion on a topical remuneration-related theme. This occasion was no exception. The theme for the evening was provided by the Government’s proposed…

November 22, 2022 Read more >

HMRC has recently updated their guidance in the HMRC manuals at ETASSUM54300 on their views about what would and would not constitute acceptable exercise of discretion in the context of EMI Options. Background Paragraph 37 of Schedule 5 of the Income Tax (Earnings and Pensions) Act 2003 provides that the terms of any EMI Option…

November 22, 2022 Read more >

The Growth Plan 2022 announced by the Chancellor of the Exchequer includes some changes to the employee share schemes, a summary of which is set out below. Company Share Option Plan (CSOP) Perhaps the most significant change announced in the Growth Plan 2022 affects CSOPs. In particular, the individual limit is being increased from £30,000…

October 12, 2022 Read more >

On the 12th July, the ESOP Centre hosted a members’ webclave titled “Are Broad-Based Share Plans Still Fit For Purpose?”. The guest speakers covered a number of topics and issues affecting broad-based share plans today. An employee share scheme is a powerful tool for employee retention and alignment of stakeholder interests. As employment practices are…

July 19, 2022 Read more >

Recently, the FT reported on investor concerns about Government proposals to review current rules on paying NEDs in shares or share options. The Government wants to see if they impose any unnecessary restrictions on NEDs becoming fully invested in the future success of the companies of which they are directors. This raises questions about the…

July 19, 2022 Read more >

On 16th June 2022, HMRC published the Employment Related Securities Bulletin 43 (Bulletin). The main content of the Bulletin relates to the bonus rate mechanism for Save As You Earn (SAYE) Scheme. In the Bulletin HMRC acknowledged that the current mechanism for calculating the bonus and interest rates (which incidentally has remained at 0% since…

June 29, 2022 Read more >

On the 23rd June, The ESOP Centre hosted a webinar titled ‘Share Schemes and the Impact of Inflation’. The comprehensive presentation covered a number of topics including the dangers of stagflation, the cost-of-living crisis and how employee share schemes may be used to combat this issue, with a particular focus on the economics of the situation.…

June 29, 2022 Read more >

Many readers will be aware that last month, the IA issued its response to two issues arising from Russian sanctions and the economic impact of Russia’s invasion of Ukraine, namely: LTI award sizes in light of the recent fall in share prices; and Whether a six-month delay in setting LTI targets would be appropriate, owing…

April 19, 2022 Read more >

In the recent case of Lord and others v Maven Wealth Group Limited [2021] EWHC 2544, the High Court has held that the provisions in the articles of association for the determination of ‘fair value’ of shares take precedence over the provisions in the shareholders’ agreement, even if ‘fair value’ is defined in the articles…

November 4, 2021 Read more >

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