Jeremy Glover

Partner, Fenwick Elliott, Fenwick Elliott

Jeremy has specialised in construction, energy and engineering law and related matters for most of his career. He advises on all aspects of projects both at home and abroad, from initial procurement to dispute avoidance and resolution. Typical issues dealt with include contract formation, defects, certification and payment issues, disruption, loss and/or expense, prolongation, determination or repudiation and insolvency.

Jeremy has particular expertise in advising clients in international arbitrations under ICC, UNCITRAL and ad hoc rules. He is also an accredited adjudicator and regularly advises on both the conduct of adjudication and the enforcement of adjudicators' decisions. Jeremy is increasingly involved in the advising on issues relating to the various EU procurement regulations.

Contributed to

9

An introduction to deferred share bonus plans
Practice notes

A deferred share bonus plan is a type of long-term incentive plan, typically put in place by quoted companies or those in certain sectors (such as the financial services sector). A deferred share bonus plan is a hybrid plan that combines awards payable or potentially payable under an annual bonus plan with a long-term incentive share plan. Under them, part of the participant’s bonus is delivered in shares instead of in cash, and the relevant shares are not received until the end of a deferral period, and subject to continued employment. There are no statutory requirements for these plans. This Practice Note introduces the concept of a deferred share bonus plan, the requirements relevant to its implementation, the types of awards granted pursuant to such a plan and the tax treatment of such awards.

Deferred share bonus plans—listing rules and shareholder approval
Practice notes

A deferred share bonus plan is a type of long-term incentive plan, typically put in place by quoted companies. A deferred share bonus plan is a hybrid plan that combines awards payable or potentially payable under an annual bonus plan with a long-term incentive share plan. This Practice Note details the obligations placed on quoted companies in respect of the establishment, implementation and operation of a deferred share bonus plan. This Practice Note is written in partnership with Jeremy Glover.

Employee benefit trusts—concert party clearance from the Takeover Panel
Practice notes

This Practice Note focuses on the requirement to consult the Takeover Panel in certain circumstances where the trustee of an EBT acquires shares in a company. It looks at the Takeover Panel’s role, the specific requirements which are relevant under the Takeover Code, and the factors which the Takeover Panel takes into consideration when determining whether the Takeover Code requirements have been triggered.

Employee benefit trusts—Investment Association Principles of Remuneration
Practice notes

This Practice Note covers the application of the corporate governance principles—the Investment Association (IA) remuneration principles to employee benefit trusts (EBTs). The principles are contained in the IA Principles of Remuneration. It details the key messages that the IA remuneration principles provide generally and then details the specific IA guidelines relating to EBTs. Finally, this Practice Note analyses the consequences for companies of noncompliance with the IA remuneration principles.

Employee benefit trusts—on-shore and offshore trusts and tax implications
Practice notes

This Practice Note details the main differences between offshore employee benefit trusts (EBTs) and on-shore EBTs. The Practice Note includes a high level comparison of the tax treatment of both.

Setting up an employee benefit trust
Practice notes

This is a summary of the main steps that are required in order to establish an employee benefit trust (EBT). This Practice Note examines the potential issues when identifying who the settlor, trustee and beneficiaries of the EBT will be and examines the necessities of obtaining approvals for the establishment of the EBT and drafting the necessary documentation. Finally the Practice Note looks at the alternative methods of funding the EBT.

What is an employee benefit trust?
Practice notes

This Practice Note introduces the basic concepts of an employee benefit trust (EBT). The Practice Note also provides an overview of the importance of the written trust deed and outlines the basic tax and accountancy treatment of an EBT.

Letter of advice to an individual on the implications of becoming an employee shareholder [Archived]
Precedents

Pursuant to the legislation governing employee shareholder shares contained in section 205A of the Employment Rights Act 1996, the employee must receive advice from an independent adviser as to the terms and effects of the proposed employee shareholder agreement with the company. This is a precedent letter from an independent adviser to the employee formally recording initial oral advice given to the employee by telephone or in a meeting. This Precedent has been drafted in conjunction with Jeremy Glover of Reed Smith. As of 1 December 2016, no new employee shareholder status arrangements can be entered into and still benefit from the tax-advantaged status, and therefore it is now unlikely that any new arrangements will be set up. Any employee shareholder share arrangements implemented prior to this date remain unaffected. This Precedent is for illustrative purposes only as it reflects the position up to 1 December 2016. This document has been archived and is no longer maintained.

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