[F1X1 Compensation to directors for loss of office]U.K.
Editorial Information
X1There is a version of this provision that is earlier than the first version listed in the table of attributes below. This is because, when the new Chapter 1 Heading was inserted on 1.8.2002 only the version of this provision that was current on that date became associated with that new heading. To view the earlier version, it is recommended that you perform a search for a specific date earlier than the start date of the first version listed in the table of attributes below.
Textual Amendments
F1Sch. 6 Pt. I inserted (the existing Part I renumbered as Part II) by Companies Act 1989 (c. 40, SIF 27), ss. 6(4), 213(2), Sch. 4 para. 3 (subject to the transitional and saving provisions mentioned in S.I. 1990/355, arts. 6-9)
X28(1)There shall be shown the aggregate amount of any compensation to directors or past directors in respect of loss of office.
(2)This amount includes compensation received or receivable by a director or past director for—
(a)loss of office as director of the company, or
(b)loss, while director of the company or on or in connection with his ceasing to be a director of it, of—
(i)any other office in connection with the management of the company’s affairs, or
(ii)any office as director or otherwise in connection with the management of the affairs of any subsidiary undertaking of the company;
F2. . ..
(3)References to compensation include benefits otherwise than in cash; and in relation to such compensation references to its amount are to the estimated money value of the benefit.
The Nature Of Any Such Compensation Shall Be Disclosed.
[F3(4)In this paragraph, references to compensation for loss of office include the following, namely—
(a)compensation in consideration for, or in connection with, a person’s retirement from office; and
(b)where such a retirement is occasioned by a breach of the person’s contract with the company or with a subsidiary undertaking of the company—
(i)payments made by way of damages for the breach; or
(ii)payments made by way of settlement or compromise of any claim in respect of the breach.
F3(5)Sub-paragraph (6)(a) of paragraph 1 applies for the purposes of this paragraph as it applies for the purposes of that paragraph.]
Editorial Information
X2There is a version of this provision that is earlier than the first version listed in the table of attributes below. This is because, when the new Chapter 1 Heading was inserted on 1.8.2002 only the version of this provision that was current on that date became associated with that new heading. To view the earlier version, it is recommended that you perform a search for a specific date earlier than the start date of the first version listed in the table of attributes below.
Textual Amendments
F2Words in Sch. 6 para. 8(2) omitted (31.3.1997) by virtue of S.I. 1997/570, reg. 5(1)
F3Sch. 6 para. 8(4)(5) substituted (31.3.1997) for Sch. 6 para. 8(4) by S.I. 1997/570, reg. 5(2)