Updates for UK listed and regulated companies on incoming “say on pay” rules, the UK challenge to the EU “bonus cap” and new guidance on AIFMD remuneration rules.
This Client Alert summarises three key developments regarding the regulation of pay in the UK. New “say on pay” rules came into effect on 1 October which will require UK listed companies to extensively revise their annual director remuneration reports. The UK government has launched a legal challenged to incoming EU bonus cap, and the Financial Conduct Authority has issued new consultation papers providing insight into how they propose to apply the bonus cap and the new AIFMD remuneration rules. These developments will be highly relevant for UK listed and regulated companies.
New “say on pay” rules for listed companies -
On 1 October 2013, new UK “say-on-pay” rules that provide for greater scrutiny of and control over directors’ remuneration came into force. The rules change the previous position under which UK listed companies were only required to subject their directors’ remuneration report to an annual advisory shareholder vote.
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