U.K.: Reform of Directors’ Remuneration Announced
June 26, 2012
On June 20, Business Secretary Vince Cable announced “the most comprehensive reforms of the framework for directors’ remuneration in a decade.”
According to a press release from the Department of Business, Innovation and Skills (BIS), The government’s reforms will provide shareholders with new powers to hold companies accountable, make it easier to understand what directors are earning, and determine how their pay links to company performance.
The government will introduce the reforms through amendments to the Enterprise and Regulatory Reform Bill, which is currently before Parliament.
Revised, simplified regulations setting out how companies must report directors’ pay will be published at the same time. The government intends all these reforms to be enacted by October 2013.
For more information, see the BIS website.
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