Annual Report and Accounts and Preparing for the AGM in 2003
Mondaq Business Briefing › United Kingdom Law Articles in English (2003)
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Annual Report and Accounts and Preparing for the AGM in 2003
This briefing sets out a list of issues that have arisen over the last 12 months of which you should be aware in the preparation of your annual report and accounts and in the preparations for your next AGM.Corporate Governance ABI Launches New Guidelines on Executive RemunerationThe Association of British Insurers (ABI) has issued new guidelines on executive remuneration. The guidelines incorporate the best practice statement on contracts and severance pay which the ABI and the NAPF published jointly earlier in December 2002, together with two new sections, on the basic principles of remuneration and on the structure of pay packages. The existing guidelines on share-based incentive schemes are also incorporated, with minor modifications reflecting market practice over the past year. Some of the guidelines will be relevant for boards and remuneration committees preparing their Directors' Remuneration Reports.The Guidelines can be accessed from the ABI website www.abi.org.uk.There are 12 principles about executive remuneration, covering basic guidelines about structuring remuneration; dialogue with shareholders concerning remuneration; and what should go in the remuneration report.The following are relevant to preparation for the AGM.• The remuneration report should set out the principles which have been followed and describe the approach used when putting into place the different components of total remuneration.• Remuneration committees should disclose senior executives' remuneration by disclosing the number of executives with specified levels of remuneration on a banded basis.• All new share based incentive scheme...
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