The UKLA has now said it does not plan to make any immediate changes to the Listing Rules requirements on directors’ remuneration reports to reflect the new Directors’ Remuneration Report Regulations. Listed companies will therefore have to contend with two overlapping regimes for the disclosure of directors’ remuneration.
The Institute of Chartered Secretaries and Administrators (ICSA) has produced a guidance note for listed companies, and the Auditing Practices Board (APB) has issued a Bulletin on the new requirements for auditors.
Background
The Directors’ Remuneration Report Regulations 2002, which came into force on 1 August 2002, introduced a new statutory disclosure and shareholder approval regime for directors’ remuneration. They require UK quoted companies to produce a directors’ remuneration report for each relevant financial year and to put a resolution on that report to shareholders at each annual general meeting. ("Quoted companies" are those whose shares are
