Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Requirements definition

What does Requirements mean? In Development Consent Order (DCO) practice, Requirements are the binding conditions that regulate how, when and on what detailed terms the authorised development may proceed. They typically oblige the undertaker to submit and secure approval of detailed design, construction, and environmental management documents (for example, CEMP, traffic, landscape, contamination and archaeology plans) before commencement, phased works or operation. The term is used in legislation: section 120 of the Planning Act 2008 permits a DCO to impose “requirements”. In most DCOs they are set out in a schedule (often Schedule 2) and function similarly to planning conditions under the Town and Country...

UK SIP Trusts: Trustee Qualifications, Trust Instrument Terms, Duties, Tax Compliance (ITEPA 2003), Powers and Trust Registration

Published by a LexisNexis Share Incentives expert

Practice notes

The statutory rules for share incentive plans (SIPs) set out strict parameters for the type of trust that must run alongside a SIP and for what trustees may and may not do. Accordingly, when a new SIP is brought in, it will almost always require a fresh trust to be set up at the same time to support it. This Practice Note explains the requirements that govern SIP trusts, together with the duties and limitations placed on the trustees of those trusts.

Requirement for trustees

The trust sits at the heart of a SIP. To operate, a SIP must appoint a trustee body made up of UK‑resident persons. Consequently, every trustee—individual or corporate—has to be UK‑resident. Many listed companies opt for a single professional corporate trustee; alternatively, trustees may comprise a group of at least two individuals or a company subsidiary. Whether a natural person or a corporate body, this residence condition must be satisfied.

Requirement for a trust and trust instrument

The trustees’ functions in relation to shares in their custody must be governed by a trust set up under the law of part of...

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Jonathan Fletcher Rogers

Addleshaw Goddard

Jonathan is the head of Addleshaw Goddard's Employee Incentives and Remuneration practice, and advises UK and multinational clients on the design and implementation of share and cash-based employee incentive plans. He also advises quoted companies on corporate governance and disclosure issues in relation to remuneration. Jonathan is a regular speaker at conferences on executive remuneration and share plans more generally and has been recognised as a leading individual in employee incentives in Chambers and Partners....

Web page updated on 22/05/2026

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