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Governance in brief: FRC consultation on directors' remuneration

Published on: 07 Oct 2013

This publication from Deloitte discusses the Financial Reporting Council's (FRC's) consultation on whether to amend the UK Corporate Governance Code to address a number of matters relating to executive remuneration.

The FRC is consulting on three specific issues requested by the Government: 

  • Clawback arrangements;
  • Whether non-executive directors holding executive positions in other companies should sit on the remuneration committee; and
  • Any actions that should be taken if a company fails to obtain a substantial majority in support of a resolution on remuneration. 

Responses to the consultation are requested by 6 December 2013. If any changes are subsequently proposed, they will be subject to consultation in the first quarter of 2014. The new Code would apply to accounting periods beginning on or after 1 October 2014.


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