The Enterprise and Regulatory Reform Bill currently being debated in Parliament now contains draft clauses which would amend the Companies Act 2006 in relation to disclosure and governance of directors’ remuneration for quoted companies.
These provisions would give shareholders a binding vote at least every three years on future remuneration policy, including details of the company’s approach to exit payments, as well as an annual advisory vote on the implementation of current remuneration policy. There are also proposals to claw back any remuneration or termination payments which are made in breach of these policies.
The Department for Business Innovation and Skills is evaluating responses to its recent consultation on the introduction of a statutory right for employees to request consideration of an employee ownership proposal. This follows a recommendation in the Nuttall Review of Employee Ownership.
Following Justice Underhill’s review of the employment tribunal rules, the Government has now issued its consultation on changes to tribunal procedure. Proposals include an initial ‘sift stage’ of all claims by a judge, tighter timetables for hearings, and revised ET1 and ET3 forms. Consultation will close on 23rd November 2012.
From 1st October 2012 the national minimum wage rate will increase from £6.08 to £6.19 for workers aged 21 and over, and from £2.60 to £2.65 for apprentices.
Pensions auto-enrolment comes into force on 1st October 2012. Implementation will be phased in over the next six years, starting with large employers. Staging dates are based on the number of workers in an employer’s PAYE scheme on 1 April 2012.