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This week’s edition of Corporate highlights includes The Takeover Panel’s proposed amendments tothe Takeover Code, a consideration of the impact of the government’s corporate governance reforms and the government’s recent publication of the draft Business Contract Terms (Assignment of Receivables) Regulations 2017.
The Takeover Panel (Panel) has issued a public consultation paper, PCP 2017/2, setting out proposed amendments tothe Takeover Code (Code) with regard tostatements of intention by bidders and related matters. The key proposals include: prohibiting an offeror from publishing an offer document for 14 days from the announcement of its firm intention tomake an offer without the consent of the offeree board; requiring offerors and offerees topublish reports on post-offer undertakings and intention statements given during the course of an offer; expanding the content requirements for offeror statements of intention with regard tothe offeree’s business, employees and pension schemes and bringing forward the requirement for an offeror tomake statements of intention at the time of its firm intention announcement. Comments on the consultation should reach the Panel by 31 October 2017.
For details see news, LNB News 19/09/2017 128.
In this analysis, Matthew Findley, partner and Jo Chattle, senior knowledge lawyer at Norton Rose Fulbright consider the impact of the government’s proposals detailing a number of reforms tothe corporate governance regime, which include a requirement for quoted companies topublish details of the ratio between CEO pay and the average worker’s pay.
The analysis considers among other things: the government’s main proposals relating toexecutive pay; whether these proposals will be effective in combatting concerns over excessive executive pay; whether the proposed public register of companies that have encountered shareholder opposition of 20% or more in relation topay awards will make any difference in
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