The Walker Review has ignited something of a bonfire under the UK’s current “Guidelines” based approach to corporate governance monitoring and enforcement. Leaving the politics of the debate aside for a moment, there is a genuine practical consideration for adopting a more formal approach to “Best Practice Guidelines” – ongoing suitability. Over the past 20 years the […]
Read MoreThe inclusion of the Green Party in the Irish coalition government has seen some interesting new features included in the new “Programme for Government” which was agreed this week after a series of last minute negotiations. In addition to new protections for mink through the abolition of fur farming and the development of Irish pub food trails, Irish […]
Read MoreThe Manifest/MM&K Total Remuneration Survey 2009 was published this week. Here is the press coverage it has received so far: Bloomberg: Chief executive officers at Britain’s leading 100 companies received pay increases last year even as the FTSE 100 Index fell the most on record and may be handed more this year after the stock […]
Read MoreAustralia is proposing some innovative steps to address concerns about executive pay. This week, the Productivity Commission released a detailed discussion document outlining a series of reforms which it hopes will improve board accountability, remove conflicts of interest and enhance shareholder engagement on remuneration. While the Commission doesn’t consider that Australia is suffering from a systemic failure in […]
Read MoreAfter weeks of will they, won’t they and political horse-trading Britain’s top banks have committed to implement the remuneration reforms agreed by the G20 in Pittsburgh. The five banks, Barclays, HSBC, Lloyds, RBS, and Standard Chartered – have confirmed their commitment to comply with the Financial Services Authority’s remuneration rules, which comes into force on 1 January 2010. In a joint […]
Read MoreThe German Bundestag has adopted the Gesetz zur Angemessenheit der Vorstandsvergütung (Act on the Appropriateness of Management Board Remuneration or VorstAG). The objectives of the new Act are to ensure a greater focus on incentives concerning the company’s long-term development, to make it easier to cut pay when a company’s situation deteriorates while creating clear […]
Read MoreThe Guardian’s annual survey of executive pay has been published, and reveals a 10% increase in basic salary for executives at FTSE 100 companies. Today’s Guardian editorial cites voting data from Manifest noting that dissenting votes on remuneration reports in the year to 31 July was circa 12% while dissent on long-term incentive plans was […]
Read MoreThe Australian Prudential Regulation Authority (APRA) has today released a second consultation package on remuneration at financial institutions. This second package comprises a response paper to the submissions, together with revised draft versions of the relevant governance standards and an associated draft prudential practice guide (PPG). PPG 551, a Prudential Practice Guide on remuneration, is […]
Read MoreThe UK is well known in European circles for its singular approach to regulatory reform, in particular its tactical use of the “Opt Out”. All the more surprising therefore to see Gordon Brown getting together with Germany’s Angela Merkel and France’s Nicolas Sarkozy to agree a strategy on banking bonuses ahead of next weeks G20 summit. […]
Read MoreThe AGM of Quintain Estates & Development plc, to be held on 9 September, will again include a separate resolution to approve the report of the Audit Committee. Furthermore, shareholders will be asked to vote on the re-election of the Chairman of the Audit and Remuneration Committees – as distinct from their re-election to the […]
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