In July 2019, the GC100 and Investor Group published an updated version of its Directors' Remuneration Reporting Guidance. The guidance has been updated to reflect the amendments made by The Companies (Directors' Remuneration Policy and Directors' Remuneration Report) Regulations 2019 (SI 2019/970), which implemented the remuneration aspects of the EU Shareholder Rights Amending Directive (Directive EU/2017/828) (SRD II).
Key changes include:
- Percentage change in remuneration – Disclosure of the percentage change in relation to the remuneration of each director each year is now required. The guidance includes a discussion of the implications of this requirement.
- Conflicts of interest – The guidance discusses measures that could be taken to avoid or manage conflicts of interest in relation to the remuneration policy in light of the new reporting requirements.
- Chief Executive Officer – The remuneration of any CEO and deputy CEO, who is not a director of the company, is now subject to the directors' remuneration policy and must be reported in the remuneration report.
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