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The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013

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Citation and commencement

1.  These Regulations may be cited as the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 and come into force on 1st October 2013.

Amendment of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008

2.—(1) The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008(1) (“the 2008 Regulations”) are amended as follows.

(2) Regulation 11 (directors’ remuneration report (quoted companies)) is amended as follows—

(a)after paragraph (1) insert—

“(1A) The document setting out a revised directors’ remuneration policy in accordance with section 422A of the 2006 Act must contain the information specified in Schedule 8 to these Regulations, and must comply with any requirements in that Schedule as to how that information is to be set out.”;

(b)omit paragraph (2); and

(c)in regulation 11(3) for the words from “the part” to “Part 3” substitute “the information set out in the report as identified in Part 5”.

Substitution of Schedule 8 to the 2008 Regulations

3.  For Schedule 8 to the 2008 Regulations (Quoted companies: Directors’ Remuneration Report) substitute the Schedule set out in the Schedule to these Regulations.

Application and transitional provision

4.—(1) The amendments made by these Regulations to the 2008 Regulations do not apply to a company in respect of a financial year ending before 30th September 2013.

(2) The provisions of the 2008 Regulations as they stood immediately before 1st October 2013 continue to apply in respect of a financial year ending before 30th September 2013.

(3) The provisions of Part 6 of Schedule 8 apply to a revised directors’ remuneration policy set out in a document in accordance with section 422A (3) of the Companies Act 2006 on or after 1st October 2013.

Jo Swinson

Parliamentary Under Secretary of State for Employment Relations and Consumer Affairs

Department for Business, Innovation and Skills

6th August 2013

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