In March this year the Treasury produced the draft ‘Executives’ Remuneration Report Regulations 2010’ following a review headed by Sir David Walker. The measures required large banks and building societies to produce an ‘executive’s remunerate report’. The regulations were expected to become law in time to apply to the financial year ending December 2010.  

However, due to the requirement for a 12-week consultation period, press reports indicate that the rules are unlikely to be in force by March 2011 and, consequently, are unlikely to apply to spring annual reports.