In a move highlighting the changing landscape of shareholder-company relations in Germany, two DAX 30 constituents are meeting with investors in advance of the first shareholder votes on executive pay. Top executives from Siemens AG and Thyssen-Krupp AG — which will convene AGMs on 26 January 2010 — will huddle with several key investors today, with executive remuneration likely to be a point of […]
Read MoreThe 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 MoreAustralia’s Productivity Commission will submit its final report on executive remuneration to the Federal Government on 19 December. The Productivity Commission was asked to undertake a public inquiry into the regulatory framework around remuneration of directors and executives of companies regulated under the Corporations Act. It was asked to make recommendations on how the existing […]
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 Netherlands Bankers’Association (Nederlandse Vereniging van Banken or ‘NVB)’, has published a provisional banking code which is in response to the report entitled ‘Restoring Trust’ (‘Naar herstel van vertrouwen’), which was published by the Advisory Committee on the Future of Banks (Adviescommissie Toekomst Banken) on 7 April 2009. The recommendations from chapters 1 and 2 […]
Read MoreThe public inquiry into the regulatory framework around remuneration of directors and executives of companies regulated under Australia’s Corporations Act continues and a draft report is in preparation. Some 79 initial submissions have received by the Productivity Commission inquiry. Public hearings will be held in Sydney, Melbourne and Brisbane during June and July 2009. Some […]
Read MoreThe Swiss Financial Markets Supervisory Authority (FINMA) has opended the consultation period for the Circular on Remuneration Systems, which is expected to enter into force on 1 January 2010. The Circular will have a direct impact on the remuneration systems of the financial institutions concerned. The Circular will aim to ensure that remuneration systems do […]
Read MoreManifest’s annual review of executive remuneration trendshas now been published and has received a positive response from a variety of market commentators including Robert Peston for BBC’s News at 10 and the BBC World Service’s European Business News. This year’s survey has been extended to included pensions data as well as detailed narrative on trends […]
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