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 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

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

The Investment Association (IA) has published its annual letter to remuneration committee chairs as well as its updated Principles of Remuneration. The Principles have been updated to reflect developments in market practice and investor expectations, including: Linking executive pay and ESG targets – Where companies link executive pay and bonuses to ESG metrics, the rationale … Read more

The FCA has now published final rules relating to the Investment Firms Prudential Regime, including a final version of the new MIFIDPRU Remuneration Code (“SYSC 19G”) that will apply to UK investment firms including asset managers, hedge funds and investment advisers, for performance years commencing on or after 1 January 2022. SYSC 19G is contained … Read more

The Prime Minister on 7 September 2021 announced plans to substantially increase funding for health and social care over the next three years, to be funded by a new tax: the Health and Social Care Levy and on 8 September 2021, the Health and Social Care Levy Bill 2021-22 was introduced. Temporary increase to NICs rates … Read more

On 3 August 2021, the FCA published a Dear Remuneration Committee Chair letter setting out its approach to remuneration for 2021/22 and highlighting areas for firms to consider. Key areas of focus are: Diversity – the FCA reiterates that increasing diversity and fostering an inclusive environment is a key element of a healthy culture.  Firms … Read more

In Vermilion Holdings Ltd v HMRC, an individual originally held an option to subscribe for shares which HMRC accepted was not “employment-related”.   As part of a refinancing, that option was released for the grant of a less favourable replacement option.  At the same time, the individual became a director of the issuing company. At the … Read more