The Association of British Insurers (ABI) has published a new version of its executive remuneration guidelines (the Guidelines). The Guidelines are intended to provide a practical framework and reference point both for shareholders in reaching voting decisions and for companies in determining their remuneration policy for executives. The substantive changes to the Guidelines in relation to pensions include a new guideline which states that payments in lieu of pension scheme participation should be disclosed and treated as a separate non-salary benefit and not aggregated with salary for the purposes of the calculation of bonuses and share incentive awards. The new disclosure guidance also requires pension benefits and entitlements to be disclosed in greater detail.
View the new ABI guidelines