The DTI has issued a consultation document containing proposals on Directors’ remuneration and service contracts. The main proposals are that notice periods will be limited to one year unless there are exceptional reasons for a longer period, companies will be required to provide a clear explanation to shareholders of any compensation agreements agreed by the Board following the departure of a Director and quoted companies will be required to ask shareholders to vote on their remuneration report every year. Replies to the consultation document should be made by 29 October 1999. If you have comments we would be pleased to discuss them with you.
For further information please contact Susan Nickson, Trinity Court, 16 John Dalton Street, Manchester M60 8HS, UK, Tel: +44 161 830 5000.
