Results of Commission Consultation on Directors’ Remuneration

15 June 2004

The Commission published the results of the consultation on “Fostering an Appropriate regime for the Remuneration of Directors”. The consultation document proposed a set of measures primarily covering disclosure of remuneration policy and of individual remuneration, as well as shareholder approval of share-based remuneration schemes for directors.

The Commission received 101 responses to the consultation. There was widespread support for the Commission’s proposal to raise transparency in directors’ remuneration by disclosing remuneration policy for the next financial year and by unveiling the remuneration of individual directors in the preceding financial year. Most respondents also agreed with the plan to boost shareholders’ role in approving share-based remuneration schemes for directors. Concerns were expressed over the Commission’s intention to implement the requirements of the future Recommendation through regulatory measures.

The Commission now intends to bring forward a Recommendation on directors’ remuneration in autumn 2004, taking account of the consultation results.

Press release
Results

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