New rights for pension trustees on takeovers
Changes to the Takeover Code, which come into force on 20 May, will give pension scheme trustees new rights to be involved in the takeover process. Going forward, trustees must be provided with key information on the offer and given the opportunity to publish their opinion on the impact it will have on the scheme. Although the changes will not give trustees a seat at the negoti…
New statutory requirements for directors’ remuneration reports: Enterprise and Regulatory Reform Act 2013
The Enterprise and Regulatory Reform Act 2013 (ERRA) received Royal Assent on 25 April 2013 and contain amendments to the Companies Act 2006 relating to quoted companies' disclosure of directors' remuneration and shareholder approval of quoted company directors' remuneration reports. The relevant sections of the ERRA are sections 79 to 82 and these sections make changes to rele…
Employee-shareholders: The Growth and Infrastructure Act 2013
The Growth and Infrastructure Act 2013 was passed on 25 April 2013 and introduces a new type of employee ownership arrangement, under which employees can give up some of their employment rights in exchange for shares in their employer. The measures are intended to be introduced on 1 September 2013. Section 31 of the Act inserts a new clause 205A into the Employment Rights Act 1…
Local Authority Pension Fund Forum guidelines on executive pay
The Local Authority Pension Fund Forum (LAPFF) represents pension funds with over £115 billion in assets. LAPFF has recently published guidelines on its expectations for executive pay. These guidelines are intended to identify practical ways to promote alternative strategies of remuneration that are better aligned with long-term, sustainable returns and shareholder value. The m…
The £450bn additional (!) pensions deficit
The European Insurance and Occupational Pensions Authority (EIOPA), the European Union’s technical level body for pensions and insurance supervisors, this week published its preliminary assessment of the quantitative impact on the funding of defined benefit (DB) pension schemes of applying EIOPA’s proposals for Solvency II type funding requirements to DB pension schemes. EIOP…
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