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Executive remuneration

A selection of books, articles and guides on executive remuneration including sources of guidance and good practice.

What's on this page?

  • Online articles
  • Books and articles from the Library
  • Legislation
  • Guidelines and reports
  • Pay surveys

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Featured book

Directors' remuneration handbook
Weight, C. (Bloomsbury, 2014, 785 pages)
This book explains the complexities of directors' remuneration in simple terms, providing examples of best practice and up-to-date market data as well as a source of reference to key legislation.

To borrow this book please contact the Library.

Featured link

Executive Remuneration Working Group: Final report
Investment Association, July 2016
Following a consultation, the group has proposed practical policies to make executive remuneration simpler and more transparent.

Online articles

The library provides access to a range of articles in full text from leading business, finance and management journals. Access to articles is provided to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Useful links


Directors' pay: revised remuneration reporting regulations
After consultations during 2013, Parliament approved these final regulations governing directors' remunerations reporting, which came into force on 1 October 2013.

Enterprise and Regulatory Reform Act
Part 6, section 79, covers payments to directors of quoted companies.

The large and medium-sized companies and groups (accounts and reports) regulations 2008
The full text of statutory instrument 2008/410 which came into force in April 2008.

Guidelines and reports


Executive Remuneration Working Group: Final Report 
Formed in 2015 the Working Group have consulted 360 investors, asset owners and company employees and have proposed ten recommendations to rebuild trust in executive pay structures in the UK. The Investment Association press release of 31 October gives  summary of this report and The Principles of Remuneration below. 

Investment Association: The Principles of Remuneration 
The Principles of Remuneration set out Investment Association members' views on the role of shareholders and directors in relation to remuneration and the way that is should be determined and structured. Aimed at companies with  a main market listing, but is also relevant to companies on other public markets.


Bulletin 4: Recent developments in Company Law, the Listing Rules and auditing standards that affect United Kingdom auditor's reports 
Audit and Assurance Bulletin published by the FRC in April 2014 highlighting changes to auditors' responsibilities. The press notice issued on 10 April gives a summary.

Report of the Inquiry into Charity Senior Executive Pay and guidance for trustees on setting remuneration
Report of an inquiry from the National Council for Voluntary Organisations into executive pay. The inquiry produced clear and definitive guidance for charity trustees and received the backing of the Charity Commission. Published April 2014.


Directors' Remuneration Reporting Guidance
guidance from the GC100 and Investor Group published on 12 September 2013.

FRC to consult on executive remuneration
On 2 October 2013 the FRC opened a consultation on whether to amend the UK Corporate Governance Code to address a number of issues relating to executive remuneration. The FRC is now consulting on three specific proposals: clawback arrangements; whether non-executive directors who are also executive directors in other companies should sit on the remuneration committee; and what actions companies might take if they fail to obtain at least a substantial majority in support of a resolution on remuneration.


Executive pay: consultation on revised remuneration reporting regulations
The consultation paper published by BIS on 27 June 2012, to invite comments on draft regulations for the content of directors' remuneration reports.

Directors' pay: guide to government reforms
On 20 June 2012 the Business Secretary Vince Cable announced comprehensive reforms of the governance framework for directors' remuneration which aim to "address failures in corporate governance by empowering shareholders to engage effectively with companies on pay." These reforms were introduced through amendments to the Enterprise and Regulatory Reform Bill. On 3 July 2012 BIS published further explanatory notes for proposed amendments on directors' remuneration.

A single figure for remuneration
Report published by the FRC's Financial Reporting Lab in June 2012 which presents the results of a short-term project undertaken at the request of the BIS to obtain views from companies and the investment community on how a single figure of 'total remuneration' might be measured and presented.

Executive pay: Consultation on enhanced shareholder voting rights 
Consultation paper published by BIS in March 2012 on "measures to give company shareholders greater influence over executive pay, through enhanced voting rights". The paper builds on the evidence received in response to the 2011 discussion paper on executive remuneration. BIS published a summary of responses in June 2012.


Executive remuneration: Discussion paper
Published in September 2011 by the Department for Business, Innovation and Skills (BIS), this discussion paper aims to "to gather further evidence and stimulate debate" and presents a "variety of measures that could potentially promote a clearer and stronger link between executive remuneration and company performance, and empower shareholders to hold companies to account." BIS published a summary of responses in January 2012.

What are we paying for? Exploring executive pay and performance
The High Pay Commission was an independent inquiry into high pay and boardroom pay across the public and private sectors in the UK. The report examines the key components of the compensation received by all FTSE 350 directors between 2000 and 2010, along with corresponding changes in the main corporate performance measures.


Executive pay; principles and practice
Published by CIPD, the Principles of executive remuneration are intended to act as a framework to help remuneration committees and HR directors develop their policies and practices for executive reward. A further guide helps to put the principles into practice.

Pay surveys


Deloitte Executive Pay publications cover FTSE SmallCap, FTSE 100, FTSE 250 in separate annual reports.


KPMG publish an annual survey which includes data on salary, bonuses, share plans and long-term incentives. Until 2009 published under the title 'Survey of directors' compensation' which also included data on non-executive director's fees.


PwC publishes annual non-executive director fees survey, which provides an analysis of fee levels and trends within the FTSE 100 and the FTSE 250 and small cap companies.

MM&K Chairman and non-executive director survey (Life in the boardroom)

Annual survey published by remuneration consultancy MM&K which includes information on fee levels, time commitments and attitudes to all aspects of their jobs from non-executive directors sitting on the boards of FTSE 350, Small Cap, AIM, private and multi-national groups. Also contains a section covering all aspects of the work of the remuneration committee and a section on directors’ views on board appraisal. The 2016 survey is to be published in March 2017. The 2015 survey is still available on the MM&K website and an infographic of the highlights of the 2013 report can be found on the High Pay Centre website.

High Pay Centre

The HPC is an independent non-party think tanks and publishes an annual report on FTSE 100 CEO remuneration.. An index of HPC reports can be found here


2013: A year of restraint for executive pay
A PWC report based on a short survey of over 40 large companies run at the end of 2012, against the backdrop of the current attention then focusing on executive pay from shareholders, Government, regulators and the media. The results show that base pay and bonuses look set to be more restrained than in previous years.

A chief concern: how CEO pay has changed in the UK’s best known charities over the last five years
A short nfpSynergy November 2013 report, looking back at CEO pay in 50 top UK charities during 2007-2012. Free download requiring an email address.

Articles and books in the Library collection

Selected articles

Articles in our print collection include:

The Price of delivering value
Governance and Compliance, February 2015. pp14-17
An effective pay policy should be driven by three qualities: fairness, simplicity and openness. Includes a table of best practice guidance for reporting on pay, outlining the best practices exhibited by companies and some practices that should be avoided. 

Capping salary excess 
Accountancy, October 2013. p.65
The author analyses the ramifications of the Enterprise and Regulatory Reform Act 2013, which gives shareholders greater influence over executive remuneration in fully-quoted companies. The author argues that investors will begin to expect this degree of input into smaller companies too.

Changing face of LTIPs 
Executive Compensation Review, June 2013. pp.21-23
 LTIPs (long-term incentive plans) are now a firmly established part of executive remuneration, but they are coming under increasing fire. Payouts have remained stubbornly high even at a time of recession and poor corporate performance, and there are concerns that they encourage executives to maximise short-term results at the expense of long-term corporate health. However, there are signs that remuneration committees are beginning to respond to these criticisms. This article looks at some of the latest trends in LTIP design.

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