Response of the Share Plan Lawyers to Financial Conduct Authority policy proposals and Handbook changes relating to the implementation of the Market Abuse Regulations (Consultation Paper CP15/35)
SPL comments sent on 25 March 2013 on the Schedule to the draft Large and Medium-Sized Companies and Groups (Accounts And Reports) (Amendment) Regulations 2013 as circulated by BIS on 8 March 2013 – includes a copy of the draft regulations and the BIS FAQs
SPL completed response form dated 28 February 2013 to the BIS consultation on Employee ownership and share buy backs published in October 2012
BIS consultation paper – Employee Ownership and Share buy backs: Consultation on implementation of Nuttall Review recommendations – issued in October 2012.
Consultation on Recommendation V of the Nuttall Review: “The Department for Business, Innovation and Skills should consult upon improving the operation of internal share markets to support companies using direct share ownership, including holding private company shares in treasury and facilitating share buy backs.“
SPL response dated 26 September 2012 to the BIS consultation from June 2012 entitled “Directors’ Pay: consultation on revised reporting regulations”.
BIS consultation – Directors’ Pay: consultation on revised remuneration reporting regulations – published in June 2012. Consultation seeking views on the Government’s proposals to increase transparency in pay reporting and in particular on draft regulations which will determine the content of directors’ remuneration reports and which will revoke and replace Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (S.I. 2008/410).
SPL response dated 27 April 2012 to the BIS consultation entitled “Executive Pay: shareholder voting rights consultation” published in March 2012
BIS Consultation Document issued on 14 March 2012 relating to Executive Pay and shareholder voting rights. The proposals follow the announcement on 23 January 2012 of a package of measures to address failings in the corporate governance framework for executive remuneration including :
- Greater transparency in directors’ remuneration reports;
- Empowering shareholders and promoting shareholder engagement through enhanced voting rights;
- Increasing the diversity of boards and remuneration committees;
- Encouraging employees to be more engaged by exercising their right to Information and Consultation Arrangements; and
- Working with investors and business to promote best practice on pay-setting.
The consultation document provides more detail on a proposed model which will give shareholders greater influence on the issue of executive remuneration through enhanced voting rights. The main components of this are:
- An annual binding vote on future remuneration policy;
- Increasing the level of support required on votes on future remuneration policy;
- An annual advisory vote on how remuneration policy has been implemented in the previous year; and
- A binding vote on exit payments of more than one year’s base salary.
Response from FSA to letter dated 25 July 2005 confirming that Listing Rules 9.5.10 and 12.6.2(3) will be clarified.
Letter dated 25 July 2005 to FSA requesting clarification of meaning of Listing Rules 9.5.10 and 12.6.2(3) in relation to treasury shares.