{"id":8208,"date":"2017-09-11T15:36:41","date_gmt":"2017-09-11T15:36:41","guid":{"rendered":"http:\/\/progresomicrofinanzas.org\/?p=8208\/"},"modified":"2017-11-16T12:34:20","modified_gmt":"2017-11-16T12:34:20","slug":"reforms-to-the-corporate-governance-system","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/reforms-to-the-corporate-governance-system\/","title":{"rendered":"Reforms to the corporate governance system"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-right\"><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/8208?print=pdf\" class=\"pdfprnt-button pdfprnt-button-pdf\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/pdf.png\" alt=\"image_pdf\" title=\"View PDF\" \/><\/a><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/8208?print=print\" class=\"pdfprnt-button pdfprnt-button-print\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/print.png\" alt=\"image_print\" title=\"Print Content\" \/><\/a><\/div><p><span style=\"font-weight: 400;\">As reported in<\/span><a href=\"http:\/\/progresomicrofinanzas.org\/en\/the-uk-government-consults-on-corporate-governance-reform-what-next\/\"> <span style=\"font-weight: 400;\">Issue 10<\/span><\/a><span style=\"font-weight: 400;\"> of <\/span><i><span style=\"font-weight: 400;\">Progreso<\/span><\/i><span style=\"font-weight: 400;\">, on 17th February the consultation period for the Green Paper presented by the British Prime Minister Theresa May\u2019s government ended. The Green Paper proposes the reform of certain areas of corporate governance in order to strengthen market confidence in the country\u2019s private sector.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the end of the consultation period, the British government published this document, which analyses the feedback received on the Green Paper from nearly 400 companies. The government is making nine proposals for reform to British companies\u2019 corporate governance system. The proposed measures include actions that would have to be taken by industry and regulatory bodies, as well as changes to the UK\u2019s Corporate Governance Code and in upcoming legislation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The proposals on the three key issues raised in the consultation are summarised below:<\/span><\/p>\n<p><b>Executive pay<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The government proposes to strengthen the hand of shareholders when decisions are taken about executives\u2019 salaries and to increase transparency on this issue:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1. It invites the<\/span><a href=\"https:\/\/www.frc.org.uk\/\"> <i><span style=\"font-weight: 400;\">Financial Reporting Council<\/span><\/i><\/a> <span style=\"font-weight: 400;\">(FRC) to review the UK\u2019s Code of Corporate Governance and to bear the following considerations in mind: \u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">To define the measures that companies must take when there is significant shareholder opposition to executive salaries and bonuses.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">To give remuneration committees greater powers to supervise their company\u2019s pay and incentives, and to explain whether their executives\u2019 pay <\/span><b>is in line with the <\/b><span style=\"font-weight: 400;\">corporate remuneration policy. In addition, it adds that, in order to chair this committee, the chairperson must have sat on a remuneration committee for at least 12 months, unless there is a clear and cogent reason why this would not be appropriate or feasible, according to each specific case.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">To extend from three to five years the minimum vesting and post-vesting holding period for executive share awards.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">2. To modify the secondary legislation so that listed companies: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Issue an annual report disclosing the ratio of CEO pay (counting the entire pay package) to the average pay of their UK workforce, explaining the annual changes to this ratio.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Explain clearly and in detail remuneration policies that involve complex, long-term incentive plans.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">3. To invite the<\/span><a href=\"https:\/\/www.theinvestmentassociation.org\/\"> <i><span style=\"font-weight: 400;\">Investment Association<\/span><\/i><\/a><span style=\"font-weight: 400;\"> to maintain a public registry of companies that received \u201cno\u201d votes from at least 20% of their shareholders when their executive pay awards were approved; require them also to keep a record of the measures that companies adopt to address their shareholders\u2019 questions and concerns.<\/span><\/p>\n<p><b>Representation of employees and other stakeholder groups in business decisions<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Company directors must comply with the duties described in section 172 of the 2006 Companies Act about taking into account the views and needs of their stakeholders (employees, customers, suppliers, etc.) to foster companies\u2019 long-term success for the benefit of their shareholders. To strengthen this compliance, the government proposes:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">4. To review the Code of Corporate Governance in order to highlight the importance of strengthening the voice at board level of employees and other stakeholders, which it deems a critical component of sustainable business management. Specifically, \u00a0it requires companies with a<\/span><a href=\"http:\/\/www.londonstockexchange.com\/companies-and-advisors\/main-market\/companies\/primary-and-secondary-listing\/listing-categories.htm\"> <span style=\"font-weight: 400;\">premium listing<\/span><\/a><span style=\"font-weight: 400;\"> to adopt, on the basis of the \u201ccomply or explain\u201d principle, one of these three employee participation mechanisms: designating a non-executive director to ensure that employees are considered when decisions are taken, appointing a director from the workforce, or having an employee advisory council.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">5. To introduce new secondary legislation to oblige all companies of a significant size, whether they are public or private, to explain how their directors comply with the requirements in section 172.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">6. It has asked the <\/span><i><span style=\"font-weight: 400;\">Investment Association <\/span><\/i><span style=\"font-weight: 400;\">and the<\/span><a href=\"https:\/\/www.icsa.org.uk\/\"> <i><span style=\"font-weight: 400;\">Institute of Chartered Secretaries and Administrators<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (ICSA: The Governance Institute) to advise companies on practical ways to commit to their employees and other stakeholders. It also invites the General Counsel of the largest listed companies (the GC group in the FTSE100) to publish new advice and guidance on the practical interpretation of directors\u2019 duties in complying with section 172.<\/span><\/p>\n<p><b>Corporate governance standards for major privately held companies<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Although the highest standards of corporate governance in the United Kingdom are to be found in limited companies, in which on the whole the owners or shareholders are not the executives running the firm, the Green Paper considered the option of extending<\/span><span style=\"font-weight: 400;\"> the mentioned principles<\/span><span style=\"font-weight: 400;\"> to major privately-owned companies. Addressing the comments received on this issue, the government proposes: \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">7. To invite selected bodies (the FRC working with the<\/span><a href=\"https:\/\/www.iod.com\/\"> <i><span style=\"font-weight: 400;\">Institute of Directors<\/span><\/i><\/a><span style=\"font-weight: 400;\">, the<\/span><a href=\"http:\/\/www.ifb.org.uk\/\"> <i><span style=\"font-weight: 400;\">Institute for Family Business<\/span><\/i><\/a><span style=\"font-weight: 400;\"> and the<\/span><a href=\"https:\/\/www.bvca.co.uk\/\"> <i><span style=\"font-weight: 400;\">British Venture Capital Association<\/span><\/i><\/a><span style=\"font-weight: 400;\">, among others) to develop a voluntary set of corporate governance principles for large privately-held companies, under the chairmanship of a business figure with relevant experience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">8. To introduce new secondary legislation to require all firms of a significant size to disclose their corporate governance arrangements in their Directors\u2019 Report and on their website.<\/span><\/p>\n<p><b>Other issues<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Green Paper included a section which invited suggestions on other corporate governance issues not dealt with in earlier sections. After the consultation, certain concerns were seen to exist as to whether the FRC has sufficient powers, resources and status to perform its duties effectively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">9. To deal with these questions, the government asked the FRC, the<\/span><a href=\"https:\/\/www.gov.uk\/government\/organisations\/insolvency-service\"> <i><span style=\"font-weight: 400;\">Insolvency Service<\/span><\/i><\/a><span style=\"font-weight: 400;\"> and the<\/span><a href=\"https:\/\/www.fca.org.uk\/\"> <i><span style=\"font-weight: 400;\">Financial Conduct Authority<\/span><\/i><\/a><span style=\"font-weight: 400;\"> to revise their memoranda of understanding or conclude new ones before the end of the year, to ensure that they can enforce disciplinary measures on directors whose conduct does not meet the principles and guarantee the integrity of corporate governance reporting. <\/span><\/p>\n<p><b>Next steps<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The British government intends these reforms to become law in June 2018. The secondary legislation bill is scheduled to be laid before Parliament prior to March 2018.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As reported in Issue 10 of Progreso, on 17th February the consultation period for the Green Paper presented by the British Prime Minister Theresa May\u2019s government ended. The Green Paper proposes the reform of certain areas of corporate governance in order to strengthen market confidence in the country\u2019s private sector. At the end of the [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":8179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"tags":[417,1224,2451,414,2449,2445,346,2038,2446,1231,2453,2454,338,1199,1175,2455,2448,450,2450,2447,2452,449,1149,411,1195],"class_list":["post-8208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-board-of-directors","tag-ceo-en-2","tag-confidence-green-paper","tag-corporate-governance","tag-corporate-governance-code","tag-corporate-governance-framework","tag-customers","tag-employees","tag-executives","tag-financial-reporting-council-en-2","tag-frc-en","tag-ftse100-en","tag-information","tag-listed","tag-long-term","tag-premium-en","tag-privately-held-companies","tag-remuneration","tag-remuneration-committee","tag-remuneration-system","tag-secondary-legislation","tag-shareholders","tag-stakeholders","tag-transparency","tag-united-kingdom","numero-12-en","seccion-published-and-draft-legislation-corporate-governance","pais-united-kingdom-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reforms to the corporate governance system<\/title>\n<meta name=\"description\" content=\"The British government has analysed feedback on the Green Paper and has presented nine proposals for reforming the British corporate governance framework.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/reforms-to-the-corporate-governance-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reforms to the corporate governance system\" \/>\n<meta property=\"og:description\" content=\"The British government has analysed feedback on the Green Paper and has presented nine proposals for reforming the British corporate governance framework.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/reforms-to-the-corporate-governance-system\/\" \/>\n<meta property=\"og:site_name\" content=\"Progreso\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/fundacionmicrofinanzasbbva\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-11T15:36:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-11-16T12:34:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/progresomicrofinanzas.org\/revistaprogreso\/wp-content\/uploads\/2017\/09\/uk-green-paper.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"925\" \/>\n\t<meta property=\"og:image:height\" content=\"617\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"karessa Ramos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@FMBBVA\" \/>\n<meta name=\"twitter:site\" content=\"@FMBBVA\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"karessa Ramos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/reforms-to-the-corporate-governance-system\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/reforms-to-the-corporate-governance-system\/\"},\"author\":{\"name\":\"karessa Ramos\",\"@id\":\"https:\/\/progresomicrofinanzas.org\/revistaprogreso\/en\/#\/schema\/person\/4a3fe64f7988998aa5e22913c8147baf\"},\"headline\":\"Reforms to the corporate governance system\",\"datePublished\":\"2017-09-11T15:36:41+00:00\",\"dateModified\":\"2017-11-16T12:34:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/reforms-to-the-corporate-governance-system\/\"},\"wordCount\":922,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/progresomicrofinanzas.org\/revistaprogreso\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/reforms-to-the-corporate-governance-system\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/uploads\/2017\/09\/uk-green-paper.jpg\",\"keywords\":[\"board of directors\",\"CEO\",\"confidence. 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