What you see is what you get — new rules for reporting executive pay
After a year-long period of consultation, the government has finalised its revised remuneration reporting regulations for directors in quoted companies. The regulations are detailed; this is a high-level summary.
Remuneration reports will now consist of two distinct parts: an annual remuneration report and a directors’ remuneration policy report. The policy part will have to include a number of set elements, including key features of director pay; remuneration provisions of service contracts and the approach to recruitment packages; the policy on termination payments and how general employee pay and shareholder views have been taken into account. It must also contain an illustration of the level of awards that could pay out for various levels of performance.
The annual remuneration report will outline how the pay policy has been implemented in the previous year, with a single total pay figure for each director, broken down into set elements, and details of any termination payments and of total pension entitlements…
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