In March this year the Treasury published draft regulations on Executives’ Remuneration Reports, to be implemented under powers conferred by sections 9 and 10 of the Financial Services Act 2010. These were expected to become law in time to apply to the financial year ending December 2010. The regulations would have required extensive disclosure of remuneration of banks’ high earners below board level, covering both policy and governance. Detailed disclosure would have been required of elements of remuneration. This would have been on a “banded” (not named) basis.
However, due to the requirement for a 12 week consultation period on the matter, the Treasury has admitted that the regulations are unlikely to be in force by March 2011 and consequently are unlikely to apply to this year’s reports.