A FTSE250 Company Secretary writes...
We are in the process of reviewing our Nominations and Remuneration Committee Terms of Reference following the new Corporate Governance Code as there is an expectation that this needs to be done.
The ICSA Standards have not yet been updated which are the ones we all tend to base ours on. What are other companies doing ?
Was waiting for the ICSA and in the end had a go at updating them (RemCom) with help from our lawyers. We review the terms annually in any case so will tweak if necessary once the ICSA template is out.
Good question. I was holding out from amending the ToRs on the basis that an ICSA standard would be published fairly soon. Our Board has agreed (of course) that the committee ToRs be amended accordingly to accommodate the CGC changes, but I haven’t yet done the re-draft
Waiting for ICSA to update.
We also are waiting for ICSA’s proforma TOR for the committees … I will then review and tweak to meet our own needs and put to the committees themselves for approval.
I have asked my RemCo Chair that we postpone until March, in expectation that ICSA will have released their guidance by then.
Waiting for the ICSA precedents to be issued. I spoke with Peter Swabey at ICSA before Christmas and he said they were due out in January.