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Make provision about remuneration reports in public quoted company |
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Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and |
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consent of the Lords Spiritual and Temporal, and Commons, in this present |
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Parliament assembled, and by the authority of the same, as follows:— |
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1 | Annual accounts and report |
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(1) | The Companies Act 2006 (c. 46) is amended as follows. |
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(2) | After section 430 (quoted companies: annual accounts and reports to be made |
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available on website) insert— |
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“430A | Annual accounts and report: public quoted companies |
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(1) | Every public quoted company, as defined in sections 4(2), 385(1) and |
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(2), shall publish on the first page of the chairman’s statement, chief |
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executive’s statement, or directors’ report, whichever comes first in the |
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annual accounts and report, the ratio between the total annual |
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remuneration of the highest paid director or executive and the total |
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annual average remuneration of the lowest paid ten per cent of the |
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(2) | The ratio referred to in subsection (1) shall appear in bold type on the |
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first page of the chairman’s statement, chief executive’s statement or |
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(3) | The total annual remuneration of the highest paid director or executive |
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and the total annual average remuneration of the lowest paid ten per |
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cent of the workforce shall also appear in bold type in the text of the |
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(4) | In this section, “remuneration” includes the information specified in |
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Schedule 8 to the Large and Medium-sized Companies and Groups |
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(Accounts and Reports) Regulations 2008. |
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(5) | In this section, “the lowest paid ten per cent of the workforce” means |
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the ten per cent of people who have been on the company’s payroll |
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during the previous financial year and received the lowest annual |
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(6) | The remuneration of any person employed on a part-time basis, or not |
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employed for the full year, shall be calculated on a pro-rata basis. |
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(7) | The requirement to publish the ratio, as stated in subsection (1), applies |
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equally to electronic versions of the report and the term “publish” shall |
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be construed accordingly.” |
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This Act shall come into force on such day as the Secretary of State may by |
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order made by statutory instrument appoint. |
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This Act shall extend to the whole of the United Kingdom. |
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This Act may be cited as the Companies’ Remuneration Reports Act 2009. |
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