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

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

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

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

LGIM’s UK Principles of Executive Pay for 2023

LGIM has recently issued an updated version of its UK Principles of Executive Pay. The Principles remain largely unchanged, however, there are a few changes of note including: impact of the cost-of living crisis increases – companies which have given low-paid employees a significant pay increase to assist them during the current crisis should exercise … Read more