Recruitment and protection of talent: a boardroom issue for pharma

Our article Recruitment and protection of talent: a boardroom issue for pharma is available on our pharma hub here. Technological advancement is key amongst the forces driving change in the pharmaceutical healthcare sectors, with businesses increasingly partnering with non-traditional players such as tech giants, agile biotech start-ups and insurers. In this article we explore how the … Read more

Spain: Increase in the basis used to calculate the severance payment for dismissal

On 3 May 2017, the Spanish Supreme Court (the “Supreme Court”) issued a judgment in which it declared that employer’s contributions to (i) medical insurance policies; (ii) life insurance policies; and (iii) pension plans, should be treated in the same way as salary (as benefits in kind). Contributions must therefore be included in the annual salary … Read more

Spain: Bill amending Personal Income Tax and other tax regulations

A Bill published in the Spanish Official Gazette on 20 June 2014 is currently being negotiated and discussed by Spanish Congress. The Bill will amend certain provisions applicable to Spanish Personal Income Tax, the most significant for this newsletter being the change of tax treatment given to severance compensation received by dismissed employees, which will … Read more

Spain: Tax reform and employment implications

In July 2013 the Spanish government commissioned an Expert's Committee for Tax Reform to conduct an analysis of the Spanish tax system. In February 2014 the Experts' Committee published a report detailing its findings. If they are implemented, a number of the proposals outlined in the report could have significant implications for employers. Read more

CRD IV – EU Bankers’ Bonus Cap

The European Commission intends to replace the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD) with a regulation and a directive: the proposed Capital Requirements Regulation (CRR) and the proposed CRD IV Directive.  The detailed EU report on the proposal dated 2 March 2013 (and subsequent press release) set out the principles on the issue … Read more

AIFMD: Publication by ESMA of Consultation Paper regarding its remuneration guidelines for alternative investment fund managers

The European and Securities Markets Authority ("ESMA") has published a Consultation Paper on its proposed guidelines on the remuneration of alternative investment fund managers ("AIFMs"). The guidelines are intended to clarify the application of the rules contained in the Alternative Investment Fund Managers Directive ("AIFMD") with which AIFMs are required to comply when establishing and … Read more

Spain: II Agreement on Employment and Collective Bargaining 2012, 2013 and 2014

In the context of the profound reform that is being undertaken in the Spanish labour market, one of the most significant changes expected affects the regulation of collective bargaining. An agreement was recently signed on 25 January 2012 by the most representative organisations at a state level in Spain – namely the employer associations CEOE … Read more

Global convergence of the regulation of financial sector remuneration

Remuneration excesses in the financial sector are widely blamed (whether rightly or wrongly) for contributing to the 2008 financial crisis. During 2009 political leaders in many of the advanced economies of the world have devoted much effort to developing policies and principles to ensure financial sector pay will in future take account of risk. In … Read more