FRC publishes consultation on changes to the UK Corporate Governance Code

On 24 May 2023, the FRC published a consultation paper on changes to the UK Corporate Governance Code.  The proposed changes form part of the implementation of the reforms outlined by the government following its consultation on audit and governance reform.  We are still waiting for the government to introduce legislation to take forward many … Read more

PRA and FCA consult on removal of Bankers’ Bonus Cap

The PRA and the FCA (the “Regulators“) have launched a consultation to remove the regulatory limit on the fixed/variable remuneration ratio (commonly referred to as the bankers’ bonus cap), thereby allowing Banks and other PRA-designated investment firms to increase, if they so wish, the maximum ratio between fixed and variable remuneration for key staff. The … Read more

New FCA webpage and templates on the MIFIDPRU Remuneration Code

The new FCA webpage on the remuneration code as part of the prudential sourcebook for MiFID Investment Firms (MIFIDPRU). The new webpage sets out: how the MIFIDPRU remuneration code applies; self-assessment templates and tables; reporting requirements; and disclosure requirements. Read more

Final FCA rules on climate-related financial disclosures by standard listed companies and revised guidance for all companies

The Financial Conduct Authority (FCA) has published a Policy Statement (PS21/23) and final rules and guidance in relation to climate-related financial disclosures for standard listed companies. It has also updated its guidance on climate-related disclosures for premium and standard listed companies. The new rules for standard listed companies in new Listing Rule 14.3.27R mirror those … Read more

FCA publishes final IFPR remuneration disclosure rules

The FCA has now published its final rules on remuneration-related disclosures under the Investment Firms Prudential Regime (“MIFIDPRU”) that will apply to UK investment firms for performance years commencing on or after 1 January 2022. For most firms, with a calendar year performance period, the first remuneration disclosures under the new rules will need to … Read more

Changes to the Listing Rules on eligibility criteria

The Financial Conduct Authority (FCA) has published Policy Statement PS21/22 in which it has made a number of targeted changes to the Listing Rules in order to remove barriers to listing in London. From an employees’ share schemes perspective, the key changes to note are those to Listing Rules 13.8.11R and 13.8.14R. In connection with any circular … Read more

Glass Lewis updated guidance on its approach to executive compensation in the context of the COVID-19 pandemic for the EMEA region

Glass Lewis has updated its COVID-19 guidance to remove specific references to fiscal years, and to clarify that it will apply throughout the course of the COVID-19 pandemic, especially for companies and industries that continue to be affected by the pandemic. The guidance notes that the uncertainties causes by the pandemic have highlighted the need … Read more

FRC Annual Review of UK Corporate Governance Code reporting

The Financial Reporting Council (FRC) has published its Annual Review of the UK Corporate Governance Code. The report discusses the quality of reporting against the UK Corporate Governance Code in 2021 and the FRC’s expectations for companies reporting in 2022. The FRC notes that reporting has improved overall since last year, in particular where companies have … Read more