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Version Superseded: 06/04/2008
Point in time view as at 01/10/2007.
There are currently no known outstanding effects for the The Companies (Northern Ireland) Order 1986 (revoked), Cross Heading: Statement of company's policy on directors' remuneration.
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F1Order repealed (prosp.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16 and the repeal being partly in force, as to which see individual Articles (with savings (with adaptations) by Companies Act 2006 (Commencement No. 6, Saving and Commencement Nos. 3 and 5 (Amendment)) Order 2008 (S.I. 2008/674), arts. 2(3), {4}, Sch. 2) and subject to amendments (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b)(2), Sch. 1 paras. 135, 147, 148 {Sch. 2 Note 1} (with arts. 6, 11, 12) and subject to amendments (6.4.2008) by S.R. 2008/133, {regs. 2, 3}
3.—(1) The directors' remuneration report shall contain a statement of the company's policy on directors' remuneration for the following financial year and for financial years subsequent to that.
(2) The policy statement shall include—
(a)for each director, a detailed summary of any performance conditions to which any entitlement of the director—
(i)to share options, or
(ii)under a long‐term incentive scheme,
is subject;
(b)an explanation as to why any such performance conditions were chosen;
(c)a summary of the methods to be used in assessing whether any such performance conditions are met and an explanation as to why those methods were chosen;
(d)if any such performance condition involves any comparison with factors external to the company—
(i)a summary of the factors to be used in making each such comparison, and
(ii)if any of the factors relates to the performance of another company, of two or more other companies or of an index on which the securities of a company or companies are listed, the identity of that company, of each of those companies or of the index;
(e)a description of, and an explanation for, any significant amendment proposed to be made to the terms and conditions of any entitlement of a director to share options or under a long‐term incentive scheme; and
(f)if any entitlement of a director to share options, or under a long‐term incentive scheme, is not subject to performance conditions, an explanation as to why that is the case.
(3) The policy statement shall, in respect of each director's terms and conditions relating to remuneration, explain the relative importance of those elements which are, and those which are not, related to performance.
(4) The policy statement shall summarise, and explain, the company's policy on—
(a)the duration of contracts with directors, and
(b)notice periods, and termination payments, under such contracts.
(5) In sub‐paragraphs (2) and (3), references to a director are to any person who serves as a director of the company at any time in the period beginning with the end of the relevant financial year and ending with the date on which the directors' remuneration report is laid before the company in general meeting.
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