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Governance in brief: Directors' remuneration report - new regulations laid

Published on: 26 Jun 2013

This publication from Deloitte (UK) discusses the new directors' remuneration report regulations issued by the United Kingdom Department for Business, Innovation and Skills (BIS) which will come into force for periods ending on or after 30 September 2013.  Whilst this publication contains similar information to the 'Need to Know' publication, it is aimed primarily for Non-Executive directors. 

Under the regulations: 

  • the remuneration report will be split into three components:  a statement from the chairman of the remuneration committee, a policy report and an annual report on remuneration;
  • the policy report will be subject to a binding shareholder vote which must take place in the first financial year beginning on or after 1 October 2013; and
  • the content of the annual report on remuneration (which remains subject to an annual advisory vote) is substantially different from the existing requirements  - it includes the ‘single figure’ for each director and a number of new requirements.

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