PLSA meaning

This checklist outlines the UK Corporate Governance Code expectations for the make-up of remuneration committees of quoted companies, alongside leading best practice from principal institutional investor bodies... UK Corporate Governance Code (UKCG Code) The remuneration committee should include a minimum of three independent non-executive directors, or two for smaller companies (those outside the FTSE 350)... The company chair may sit on the committee but must not chair it, provided he or she was judged independent at the time of appointment as chair... Before taking up the role of remuneration committee chair, the individual should have served on a remuneration committee for at least 12 months... References: 2018 UKCG Code, Provision 32; 2024 UKCG Code, Provision 32... Institutional Shareholder Services Inc (ISS) For FTSE 350 companies, the remuneration committee should comprise at least three non-executive directors, with all members being independent... The company chair may join the committee but must not chair it, if he or she...

On 16 May 2025, WPI Economics noted that pension funds already hold £280bn in UK assets and cautioned that rigid rules setting fixed allocations might have unintended consequences. The caution followed the government’s unveiling of the Mansion House Accord, under which 17 pension schemes signalled plans to open up for pension savers access to potentially higher net returns from private markets within diversified portfolios, while also increasing investment in the UK. They argued that prescriptive fixed-allocation mandates risk backfiring in practice...

In this issue: Public company takeovers (Offers) Corporate governance Banking and finance for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q&As Useful information Public company takeovers (Offers) The Takeover Panel publishes three new Panel Statements The Takeover Panel (the Panel) has released three further Panel Statements. PS 2024/8 confirms two fresh appointments to the Panel; PS 2024/9 records the removal of the Pensions and Lifetimes Savings Association (PLSA) as a body entitled to nominate a Panel member; and PS 2024/10 makes minor tweaks to the Takeover Code (the Code) provisions on document charges. See: LNB News 18/04/2024 42. Takeover Panel publishes consultation on scope of Takeover Code application The Code Committee of the Takeover Panel has opened a consultation proposing a new framework designed to narrow which companies fall within the Takeover Code. The intention is to refocus the Code’s application on...

In this issue: Funding and investment Scheme governance Pension scams and liberation Daily and weekly news alerts Dates for your diary Trackers Funding and investment TPR publishes revised employer covenant guidance to align with new DB funding code of practice The Pensions Regulator (TPR) has at last issued revised guidance on the employer covenant for trustees overseeing defined benefit (DB) pension schemes, to align with its new DB funding code of practice, which took effect on 12 November 2024 under the Pensions Act 2004 (Code of Practice) (Defined Benefit Funding) Appointed Day Order 2024 (SI 2024/1143). Described by TPR as ‘the last piece of the jigsaw to help schemes carry out valuations under the new DB funding code’, the update introduces the first regulatory definition of employer covenant, intended to deliver greater market certainty and foster consistency between schemes. Notable changes cover cash flow analysis, tests of reasonable affordability, maximum affordable contributions, reliability periods, covenant longevity, and...

Meaning of ‘non-executive director’ The broad definition of ‘director’ is not closed. Under the Companies Act 2006 (CA 2006), a director is any person who occupies the office of director, whatever title they hold. Accordingly, this covers both executive and non-executive directors (NEDs). Executive directors are typically authorised, either by the company’s constitution or by authority delegated from the board, to manage the company’s day-to-day affairs, and they usually have a full-time service contract. NEDs generally: have no executive powers play a pivotal role in the company’s corporate governance are not employees of the company There are a number of challenges around granting shares to NEDs. This Practice Note considers the issues to assess when offering shares or share-based remuneration to NEDs, including: the potential impact on the NED’s independence the share dealing provisions of Assimilated Regulation (EU) 596/2014 for the UK, and the Market Abuse Regulation (Regulation (EU) 596/2014) previously and for the EU ...

STOP PRESS A refreshed UK Corporate Governance Code (UKCG Code) was released on 22 January 2024 (the 2024 UKCG Code). It introduces modest amendments to the 2018 iteration (2018 UKCG Code). The 2024 UKCG Code takes effect for accounting periods commencing on or after 1 January 2025, save for Provision 29—covering the board’s declaration on internal controls—which applies to periods beginning on or after 1 January 2026. In parallel, the best practice guidance that accompanied the 2018 UKCG Code has been consolidated into a single digital resource supporting the 2024 UKCG Code. For more detail, see News Analysis: UK Corporate Governance Code 2024 published—what’s changed? This Resource Note distils the principal provisions of Section 1 (Leadership and Purpose) of the UK Corporate Governance Code and signposts pertinent third-party materials, guidance, commentary and analysis, together with resources, to provide practical assistance on applying the Code...

This archived Practice Note outlined the principal changes anticipated to influence the corporate governance framework in 2018. It has not been revised since that year. For updates from January 2019 onwards, see Practice Note: Corporate governance: horizon scanning—2019 and beyond. In August 2017, the government issued its response to the green paper on corporate governance reform. It set out several measures, including a refreshed UK Corporate Governance Code, additional reporting duties under the Companies (Miscellaneous Reporting) Regulations 2018, and the Wates Corporate Governance Principles for Large Private Companies. Please share suggestions for topics to track via KnowhowLawyersCorporate@lexisnexis.co.uk. Mini-index January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 September 2018 No specific date in 2018 confirmed 2019 and beyond January 2018 Updated policies from the Pensions and Lifetime Savings Association (PLSA): publication of the 2018 Corporate Governance Policy & Voting Guidelines; for details, see LNB...