Legal Updates

Commercial Law – Company Law - Directors' Remuneration Disclosure Requirements for Periods Beginning on or after 6 April 2009

Under paragraph 4 of Schedule 8 of The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (2008/410), there is now a requirement that on or after 6 April, quoted companies must include a statement in their directors' remuneration report to state how they have take their employees’ pay and employment conditions into account when determining directors' pay for the relevant financial year:

Paragraph 4 of Schedule 8 state that ‘The directors’ remuneration report must contain a statement of how pay and employment conditions of employees of the company and of other undertakings within the same group as the company were taken into account when determining directors’ remuneration for the relevant financial year’

Practical: You must consider the pay and employment conditions of your employees, whether such employees fall within another undertaking of your group.

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© RT COOPERS, 2009. This Briefing Note does not provide a comprehensive or complete statement of the law relating to the issues discussed nor does it constitute legal advice. It is intended only to highlight general issues. Specialist legal advice should always be sought in relation to particular circumstances.

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