The final form Regulations implementing changes to the regime for directors’ remuneration have been published and laid before Parliament. They apply to all UK-incorporated, Main Market listed companies and come into force on 1 October 2013 in relation to accounting years beginning on or after 30 September 2013.
For the first time, shareholders will have a binding vote on the pay policies of the companies in which they invest. Directors’ remuneration reports will also be restructured and split into policy and implementation reports, with new disclosures required including a single total pay figure for each director.
The Regulations are available on the Parliament website. They must be approved by Parliament, but are not subject to any further amendments.
Request our detailed briefing on the reform of directors’ remuneration for listed companies summarises the new regime and sets out the practical impact of these changes.
We published a detailed e-bulletin on the previous draft of the Regulations in early June, which is available here. There have been some minor changes from the early June version to the version laid in Parliament.