It’s been a long time coming, but UK-incorporated FTSE 100 constituent companies are now beginning to publish the first Annual Reports which are required to comply with the new rules on Directors’ Remuneration Reports.
Curtains up, and first on stage was easyJet. With a year end of 30 September, its 18 November Annual Report is the first FTSE 100 report to attempt to tackle the new rules. Following closely behind was Sage Group, whose 4 December Annual Report will also become a must-read for all those involved with drafting DRRs.
We will have to wait and see how investors react to these two publications. easyJet and Sage both propose to implement their remuneration policies (if approved by shareholders) from their forthcoming AGMs, meaning we only have until 13 February and 6 March 2014 (respectively) to see how many stars the critics give the opening night performances.