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November 2011


LSEG Response to BIS Consultations: “Executive Remuneration and on the Future of Narrative Reporting by Companies”

  1. LSEG supports transparency in all reports to shareholders. Greater disclosure within certain limits is always worth considering, and the focus should be on promoting best practice and on getting all firms up to the best standards.
  2. On the role of shareholders, we believe that the UK’s current corporate governance regime delivers the right balance to protect shareholders and gives them a say in setting directors’ remuneration.
  3. Appointing consultants as members of the Remuneration Committee would be inappropriate, as it would shift their involvement from independent adviser to decision-maker.
  4. We understand the Government’s desire to set the lead in this area. However, we would caution against introducing regulation only in the UK when it is not being applied, either in Europe or more widely.
  5. Further gold-plating of UK regulation could prevent the development of a level playing field in Europe, which would put UK companies at a competitive disadvantage.

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