Paul Ellerman, Mark Ife and Jemima Coleman explain the new regime for disclosure and shareholder approval of directors' remuneration for listed companies in this article, first published in the October 2013 edition of PLC Magazine.
The new regime applies to remuneration payments to both executive and non-executive directors of all UK-incorporated quoted companies. The first companies to be affected by the new requirements are those with a 30 September year end. The new requirements introduce a new format for the Directors' Remuneration Report including an annual statement by the chair of the remuneration committee, an annual report on remuneration (including the single total figure for remuneration) and a directors' remuneration policy, which sets out the company's forward-looking policy on remuneration and potential payments.
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