Executive pay

Executive pay continues to be a hot topic, particularly in relation to UK incorporated quoted companies. The link between pay and performance has been developed and addressed through greater transparency, enhanced shareholder voting rights and more diversity in board rooms. A number of organisations have considered the issue of executive remuneration and bodies representing institutional investors have their own guidelines on executive pay and performance, severance pay, golden parachutes and executive compensation generally.

Executive remuneration framework

• GC100 and Investor Group: Directors’ Remuneration Reporting Guidance 2025 – June 2025
• DBT Statutory guidance note on The Companies (Directors’ Remuneration and Audit) (Amendment) Regulations 2025 – April 2025
• The Companies (Directors' Remuneration and Audit) (Amendment) Regulations 2025 – April 2025
• ICSA Terms of reference for the remuneration committee – January 2020 
• BEIS FAQs on Companies (Directors' Remuneration Policy and Directors' Remuneration Report) Regulations 2019 – June 2019
• Companies (Directors’ Remuneration Policy and Directors’ Remuneration Report) Regulations 2019 – May 2019
• Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 – August 2013
• BIS FAQs on directors' remuneration reforms prepared - March 2013

Institutional investor guidance

• Investment Association: Principles of Remuneration for 2026 – November 2025
• FRC: Guidance on non-executive director remuneration to support good governance updated – November 2025         
• Investment Association: The IA’s Principles of Remuneration – October 2024  
• Investment Association: Letter to Remuneration Committee Chairs – February 2024
• Investment Association: Principles of Remuneration 2023 – November 2022 
• Investment Association: Letter to Remuneration Committee Chairs – November 2022
• Glass Lewis: Approach to executive compensation in the context of the COVID-19 pandemic (Updated November 2021) – December 2021
• Glass Lewis: Approach to executive compensation in the context of the COVID-19 pandemic (EMEA region) – January 2021
• ISS: Executive compensation and the COVID-19 pandemic – Frequently Asked Questions – January 2021
• Investment Association: Executive remuneration in UK listed companies – Shareholder expectations during the COVID-19 pandemic – April 2020
• PLSA Stewardship Guide and Voting Guidelines 2020 – February 2020
• Glass Lewis 2020 UK Proxy Paper Guidelines – November 2019
• ISS UK and Ireland Proxy Voting Guidelines 2020 – November 2019
• Investment Association: Guidance on executive pensions in 2020 AGM season – September 2019
• GC100 and Investor Group Directors' Remuneration Reporting Guidance 2019 – July 2019
• PIRC UK Shareowner Voting Guidelines 2020  - March 2020 (These are not available online but can be purchased from PIRC)
• ICGN Guidance on Executive Director Remuneration – October 2016
• ICGN Guidance on Non-executive Director Remuneration – October 2016
• QCA Remuneration Committee Guide - July 2016
  (These are not available online but can be purchased from QCA)
• Local Authority Pension Fund Forum Expectations for executive pay - April 2013
• NAPF Letter to FTSE 350 Chairman calling for restraint on boardroom pay - March 2013
• Executive Remuneration - ABI Position Paper - December 2009
• ABI and NAPF Joint Statement on Executive Contracts and Severance - February 2008

Other reports and developments

• FRC: Changes in remuneration reporting following the UK Corporate Governance Code 2018 – May 2021
• Executive Rewards - Paying for success: Government response to the Committee’s Eighteenth Report of Session 2017-19 – June 2019
• European Commission non-binding guidelines on the standardised presentation of the remuneration report under the Shareholder Rights Directive – consultation – March 2019
• BEIS Committee Executive rewards Paying for success – Report – March 2019
• BEIS Committee report on gender pay gap reporting - August 2018
• Government response to BEIS Committee's Third Report of Session 2016-17 - September 2017
• Government response to BEIS Corporate Governance Reform Green Paper - August 2017
• BEIS Committee Corporate Governance: Third Report of Session 2016-17 - April 2017
• BEIS Corporate Governance Reform Green Paper - November 2016
• Big Innovation Centre The Purposeful Company – Interim executive remuneration report - November 2016
• ICSA Call for a fresh approach to tackle remuneration – September 2016
• High Pay Centre Report “Restoring Responsible Ownership: Ending the Ownerless Corporation and Controlling Executive Pay” – September 2016
• BIS Select Committee Announcement of Corporate Governance - September 2016
• High Pay Centre Report “The State of Pay: High Pay Centre briefing on executive pay” – August 2016
• PwC “Time to listen” Report on public attitudes to executive pay and inequality – July 2016
• Executive Remuneration Working Group Final Report – July 2016
• Executive Remuneration Working Group Interim Report – April 2016
• Remuneration Consultants’ Group The biennial review of the Code of Conduct and the annual review of its effectiveness and implementation – February 2016
• High Pay Centre Report “No routine riches: Reforms to performance-related pay” - May 2015
• BIS How companies and shareholders have responded to new requirements on the reporting and governance of directors’ remuneration (Research paper No.28) – March 2015
• High Pay Centre Executive remuneration in the FTSE 350 – a focus on performance-related pay - October 2014
• High Pay Centre The effect of executive pay reforms - June 2014
• FRC Consultation on proposed revisions to the UK Corporate Governance Code – April 2014
• Remuneration Consultants’ Group Voluntary Code of Conduct - January 2014
• Remuneration Consultants’ Group The biennial review of the Code of Conduct and the annual review of its effectiveness and implementation – January 2014