Well, it’s been quite a heavyweight year for directors’ remuneration in 2013 in the UK. So we thought we’d lighten it up in a seasonal song.
Season’s greetings to all our readers, however you may choose to celebrate.
To the tune of “The Twelve Days of Christmas”.
The first rule of exec pay, my true love gave to me … tax relief on clawed-back compensation.
The Tax Tribunal allowed a tax loss to be claimed on incentive payments that were clawed back.
The second rule of exec pay, my true love gave to me … new style accounts.
By the time the “near final” Directors’ Remuneration Report Regulations (DRR Regs) were released – 40 pages of instructions for Rem Comms – 91 of the FTSE100 had already published their accounts.
The third rule of exec pay, my true love gave to me … final regs.
The final version of the DRR Regs was published.
The fourth rule of exec pay, my true love gave to me … DRR guidance.
The General Counsel 100 and Investor Working Group published detailed practical suggestions as to how companies should comply with the DRR Regs.
The fifth rule of exec pay, my true love gave to me … five instead of three.
Fidelity Worldwide Investment wrote to 400 quoted companies in which it invests to advocate five- rather than three-year vesting periods for LTIPs.
The sixth rule of exec pay, my true love gave to me … DRR Regs in.
The DRR Regs and new voting rules on remuneration came into force with effect from 1 October 2013.
The seventh rule of exec pay, my true love gave to me … ABI guidelines.
The ABI guidelines were updated for the new reporting regime.
The eighth rule of exec pay, my true love gave to me … IDS report.
Income Data Services reported that directors’ pay had increased by 14%, generating much media coverage.
The ninth rule of exec pay, my true love gave to me … NAPF rules.
The National Association of Pension Funds weighed in with its guidelines on how the DRR Regs should work.
The tenth rule of exec pay, my true love gave to me … Investor Forum.
The report of the Collective Engagement Working Group, which looks set to transform the dialogue between FTSE companies and their investors, received little attention when it was published in the week of the Autumn Statement.
The eleventh rule of exec pay, my true love gave to me … first new accounts.
The first accounts complying with the new DRR Regs were published towards the end of the year.
The twelfth rule of exec pay, my true love gave to me … Listing Rule changes.
The Listing Rules were simplified to dovetail in with the new DRR Regs.
