Powered by Lexis+®
Jurisdiction(s):
United Kingdom

UK share incentives: lifting of bankers' bonus cap, FRC Wates reporting review, FTSE 100 CEO pay at record high-weekly highlights, 15 August 2024

Published on: 15 August 2024

Published by a LexisNexis Share Incentives expert
Legal News
imgtext
Article summary

Corporate governance

Barclays and Citigroup to lift bankers’ bonus cap

Reports indicate Barclays plc will be the first UK lender to remove the bonus ceiling for its material risk takers, after shareholders at its May 2024 AGM authorised the board to set whatever fixed-to-variable pay ratios it deems suitable (see: Share Incentives weekly highlights-9 May 2024). The previous cap stemmed from EU-derived rules applying to UK staff, which the FCA and PRA abolished with effect from 31 October 2023 via their joint policy statement PS9/23-Remuneration: Ratio between fixed and variable components of total remuneration (bonus cap)-see: Share Incentives weekly highlights-26 October 2023-Company law, governance and regulatory issues. Mirroring JPMorgan’s stance, Barclays is expected to hold base salaries for material risk takers steady while permitting variable awards up to ten times fixed pay, replacing the prior two-times ceiling. There are also reports that Citigroup is making comparable changes for its London-based employees...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Popular documents

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Read More Right Arrow

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Read More Right Arrow

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Read More Right Arrow

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

Read More Right Arrow