Q&As

What was the directors’ remuneration reporting regime (financial years ended before 30 September 2013)? — 2022

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Last updated on 11/08/2022

The following Corporate Q&A provides comprehensive and up to date legal information covering:

  • What was the directors’ remuneration reporting regime (financial years ended before 30 September 2013)?
  • Background to the reforms
  • Form and contents of remuneration reports for financial years ended before 30 September 2013 [Archived]
  • Shareholder approval for remuneration reports for financial years ended before 30 September 2013 [Archived]
  • Listing Rules requirements for financial years ended before 30 September 2013 [Archived]

What was the directorsremuneration reporting regime (financial years ended before 30 September 2013)?

This Q&A considers key elements of the directors’ remuneration reporting regime prior to 1 October 2013 and the legislative amendments that changed the regime.

Background to the reforms

Fundamental changes to the directors' remuneration reporting regime came into force on 1 October 2013. The Enterprise and Regulatory Reform Act 2013 (ERRA 2013) introduced a new reporting regime and shareholder voting requirements for quoted companies for accounting periods ending on or after 30 September 2013 (2013 regime). At the same time, the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013, SI 2013/1981 (2013 Regulations) revoked and replaced Schedule 8, introducing a new format and a completely rewritten set of disclosure requirements for remuneration reports.

ERRA 2013 and the 2013 Regulations made significant changes to the disclosure of how executive remuneration is structured and the company's decision-making process. The new disclosure requirements apply for financial years ending on or after 30 September 2013. For information on the new disclosure requirements, see Practice Note: Directors’ remuneration report.

In an explanatory document published by BIS (BEIS’ predecessor) in March 2013 in conjunction with the draft 2013 Regulations, BIS summarised some of the main drivers behind the reforms as follows:

'Investors and businesses agree that the link between top pay and long term company performance needs to be

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Key definition:
Directors definition
What does Directors mean?

A director of a company is responsible for the day-to-day management of that company. The directors make decisions on behalf of the company in order that it can carry on its business.

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