Clio Pialorsi
Clio advises both listed and unlisted clients on the design, implementation and operation of equity-based incentive plans.
She has extensive experience advising listed companies on multi-jurisdictional incentive plan issues and large-scale incentive arrangements, including UK tax-advantaged plans. Having spent time on secondment within the reward and mobility tax teams of a large global bank, she has a deep understanding of the financial services sector.
With a focus on tax compliance, Clio also advises on the impact of M&A transactions on share schemes and specialises in accounting valuations for share-based payments.
Clio is a Chartered Tax Adviser and a member of the Chartered Institute of Taxation (CIOT). She is trained in mental health advocacy in the workplace and volunteers at suicide-prevention charity The Listening Place.
Practice Area
Panel
- Contributing Author
Experience
- Deloitte (2019 - 2024)
- KPMG (2017 - 2019)
Membership
- Chartered Institute of Taxation
Qualifications
- CTA (Chartered Institute of Taxation)
- ACA (ICAEW)
1 Contributions by Clio Pialorsi
PRACTICE NOTES
Malus and Clawback in UK Executive Remuneration: Regulatory Context, Triggers, Periods, Enforcement, Drafting and Tax
The use of malus and clawback
The concept that performance-based cash or share awards for executives and senior employees can be reduced (malus) or recovered (clawback) when a material adverse event occurs or later comes to light is now widely accepted and embedded in market practice. Although rooted in the financial services industry, malus and clawback are now standard elements of incentive plans operated by companies listed in the equity shares (commercial companies) category in the UK. This development flows directly from the Financial Reporting Council’s (FRC) 2014 revisions to the UK Corporate Governance Code in response to the global financial crisis, together with the subsequent expectations of the UK’s major institutional shareholders. The Department for Business, Energy & Industrial Strategy’s (BEIS) March 2021 consultation on modernising the UK’s audit and corporate governance regime further reinforces that deploying malus and clawback within executive remuneration is a vital mechanism for advancing a company’s overall corporate governance objectives...
Share Incentives
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