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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
The PRA has launched a consultation which seeks to relieve the compliance burden on certain smaller CRR firms by removing the need to comply with certain of the remuneration rules which may currently apply to them. The way in which this will be done is to expand the definitions of Small CRR Firm and Small … Read more
A key focus for many UK listed companies at this time of year is finalising their annual report and preparing for their annual general meeting. This briefing considers developments and issues arising in practice over the last 12 months which impact on the 2022 annual report and the AGM in 2023. Following the disruptions caused … Read more
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
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
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
The FRC recently published its 2022 annual review of corporate governance assessing the quality of reporting against the UK Corporate Governance Code. Section E (which starts on page 51) covers remuneration reporting. Key points on remuneration reporting highlighted by the FRC include: reporting on how remuneration aligns with the company’s strategy, purpose and values should … Read more
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
The PLSA published its 2022 Stewardship Guide and Voting Guidelines on 23 February 2022. The 2022 Guidelines set out the PLSA’s views on current best practice and its voting recommendations for AGMs in 2022. There have been no substantive changes to the section of the guidelines covering Executive Remuneration. The PLSA notes that in 2021 … Read more