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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
Further to the Chancellor’s announcement in the 2023 Spring Budget (as set out in our previous blog post here), HM Treasury has now launched its Call for Evidence on the UK’s two all-employee tax-advantaged share schemes – the Save As You Earn (“SAYE” or “Sharesave“) and the Share Incentive Plan (“SIP“). The aim of the … Read more
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
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
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 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
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
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
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
