PLSA 2023 Stewardship Guide and Voting Guidelines

The Pensions and Lifetime Savings Association (“PLSA“) has published its 2023 Stewardship Guide and Voting Guidelines. The 2023 Guidelines set out the PLSA’s voting recommendations for AGMs in 2023, reflecting its views on current best practice. There have been no material changes to the executive remuneration sections of the 2023 Guidelines and the PLSA continues … Read more

HMRC updates SAYE bonus mechanism

HMRC has updated the mechanism for calculating bonus rates for participants in Save As You Earn (SAYE or “Sharesave”) schemes, as announced in HMRC Employment Related Securities Bulletin 51. A new specimen SAYE prospectus and bonus rate mechanism will become effective from 18 August 2023 meaning that any new savings arrangements (or “savings contracts”) entered … Read more

2023 Spring Budget: Remuneration and Incentives Key Takeaways

In yesterday’s 2023 Spring Budget, the Chancellor announced a number of changes relevant to remuneration and incentives: Enterprise Management Incentive (“EMI”) schemes The process to grant options under an EMI scheme will be simplified. From April 2023, EMI option agreements will no longer need to set out the details of share restrictions or include a … Read more

HMRC publishes updated end of year return templates

HMRC has now published updated end-of-year templates, guidance and technical notes in relation to its Employment Related Securities (ERS) regime, further to the changes announced in its ERS Bulletin 47. A summary of the changes made to the end-of-year templates can be found in our previous blog post here. Templates and guidance have been updated … Read more

Updated HMRC guidance on end of year return templates and using the ERS service, and changes to CSOP schemes to come into effect

Updated HMRC guidance on end of year return templates HMRC has announced in Employment Related Securities Bulletin 47 that it will be introducing some changes to Employment Related Securities (ERS) annual filings templates from 6 April 2023. Under the new ERS templates, completion of the following optional fields will become mandatory for returns submitted on … Read more

Glass Lewis 2023 Policy Guidelines

Glass Lewis has published its 2023 Policy Guidelines (“Guidelines“) for the UK, setting out the factors it considers when determining proxy voting recommendations. The following changes to the Guidelines relevant to remuneration and incentives have been made, all of which are clarificatory in nature: Combined incentive (omnibus) plans: Omnibus plans are plans that have a … Read more

Autumn Statement highlights – lowering of additional income tax rate threshold, reduction in CGT and dividend income tax allowances

Following on from the reversal of much of the mini-budget on 17 October, in today’s Autumn Statement the Chancellor announced a number of measures which are relevant to remuneration and incentives. In particular there will be a reduction to the threshold at which the 45% additional rate of income tax applies, the freezing of other … Read more

Investment Association Principles of Remuneration for 2023

The Investment Association (the “IA“) has published its 2023 Principles of Remuneration (“Principles“) and annual letter to Remuneration Committee chairs. The IA updates its guidance and writes to Remuneration Committees annually to highlight the key areas of focus it expects Remuneration Committees to consider when approaching remuneration. There are no substantial changes to the Principles … Read more