The CARES Act Offers U.S. Companies Relief, but Not Without New Limits on Executive Pay

The new CARES Act, signed into law on March 27, will affect executive compensation in a variety of ways. In this article, we describe potential impacts and what companies need to consider before accepting economic relief.

Managing Sales Compensation Amidst Growing Economic Uncertainty and Volatility

As the humanitarian and economic impacts of COVID-19 continue to grow, organizations are actively reevaluating their business plans and sales targets. Below, our experts share insights on the warning signs to look for, along with short-term actions you can take to relieve pressure.

Considerations for Your Total Rewards Strategy in Response to COVID-19

The COVID-19 pandemic creates a wide range of challenges for business leaders to consider. When it comes to total rewards, here are the key issues to address.

5 Steps to a Well-Executed Merit Cycle

Getting the right data to make informed pay decisions is critical to maximizing your merit budget. We explain the kinds of data you need and how to apply it.

Navigating the Growing Patchwork of Pay Equity Laws Across the United States

From California to New York, here’s a roundup of leading fair pay laws in the U.S., and tips for balancing local regulation with global consistency to promote shared standards within your firm.

For an Effective Job Levelling Approach, Follow These Five Steps

Job levelling is an important component for managing rewards structures. But many firms try to force a method rather than adapting the process for what fits the needs of their business.

8 Reasons Your Sales Compensation Plans are Not Working

Ensure your sales compensation programs are aligned for success by avoiding these common mistakes.

IRS Releases Proposed Regulations that Clarify the Tax Reform’s Impact on Section 162(m)

Two years following the major tax cut bill, proposed regulations provide more updated guidance from the IRS on the $1 million deduction limit under Code Section 162(m).

Financial Services: Looking Forward to 2020

Putting 2019 into perspective and anticipating what’s to come with insights from some of this year’s top performing articles.
 

ISS Opens Peer Group Submission Window and Finalizes 2020 Policy Guideline Updates

Issuers can submit their peer groups to ISS for consideration until December 6. Peer group selection influences the firm’s pay-for-performance analysis for purposes of the say-on-pay vote.

Journey to the Center of Pay Equity: Using Technology to Improve Transparency

This article, first published in WorldatWork’s Workspan magazine, dives into the complexities around the issue of pay equity and how organizations can move toward more transparency.

Bank Compensation Trends: You Have Questions, We Have Answers

With year-end planning in full swing, it’s important to take a step back and reflect on past, current, and future compensation trends to ensure your firm is set up for a successful year ahead.

SEC Proposes Rules That Regulate Proxy Advisory Firms

The SEC has continued its focus this year on the activities and influence that proxy advisory firms have on the proxy voting process. On November 5, 2019, the SEC approved, by a 3-2 party-line vote, proposed rules to regulate proxy advisory firms. In this article, we describe how the new rules would impact issuers and clients. 

How HR Can Use Job Title Data to Ensure Consistency and Boost Retention

Utilizing survey data around job title norms can help HR professionals keep an active pulse on the market and determine whether their job leveling systems need updating.

Banking Support Function Costs

A decade since the credit crisis, the world’s major banks are still struggling to bring costs under control. Having gone through multiple cost reduction programmes post-2008, firms are under continued shareholder pressure to increase return on tangible equity. This article looks at function costs trends and assesses the measures with the greatest potential to transform long-term costs.

ISS Adds Climate Scorecard to Proxy Reports, Recognizing the Rise of Sustainable Investing

A new rating has been added to ISS’ proxy reports that’s focused on climate awareness. This article highlights key components of the scorecard and its impact for issuers.

To Proactively Manage Pay Equity, Companies Must Take These Three Steps

To proactively address pay equity issues, firms across industries must move beyond treating it as a one-time audit exercise and instead manage risks on an ongoing basis.

The Spotlight: Liz Snyder, Associate Partner, Insurance & Rewards

Liz Snyder is an associate partner and part of McLagan’s global insurance and rewards teams, leading compensation design engagements across all industry segments to help clients build customized rewards and human capital strategies that support their unique business requirements.

Loosening the Reins on Regulation for Foreign-Invested Financial Institutions in China

China Securities Regulatory Commission and China Banking and Insurance Regulatory Commission attract further investment into the financial services sector.

UK Banking Standards Board: What Is the Employee Health and Wellbeing Profile of the Banking Industry?

Wellbeing was one of the main topics highlighted in the recent UK Banking Standards Board annual review 2018/2019. In this article, we will discuss the challenges that employers are facing and the overall impact of wellbeing on financial services organisations.

Impact of the New Employee Overtime Rule by Industry and Tips for Compliance

An estimated 1.3 million U.S. workers will be eligible for overtime pay as of January 1, 2020, but the effect within organizations varies by industry, job function and role. Here’s a deeper look at how companies will be affected and questions for companies to think about when complying with the new rule. 

How Prepared is Your Strategy for Winning FinTech Talent in Mainland China?

In response to the disruptive impact of digital technology across the entire industry, a growing number of financial services firms are making investments to enable technology transformation in order to stay ahead in the market. Consequently, FinTech talent is in high demand, which has led to a severe talent shortage in Mainland China. Finding ways to attract and retain FinTech professionals in this fiercely competitive environment is top of mind. In this article, we explore findings from a recent McLagan survey on FinTech talent management in China, helping firms to better understand market trends and prepare for future change.

ISS Releases Draft Policy Updates for 2020; Executive Compensation is Notably Absent

ISS is proposing changes to its U.S. policies on problematic governance structures, independent board chair proposals and share buybacks. Here’s a summary of potential implications for U.S.-listed companies.

The Spotlight: Belinda Armenta, Partner, APAC Asset Management

Belinda Armenta is responsible for McLagan’s Asia Pacific asset management practice and is based in Hong Kong. Belinda’s current role for the APAC region is focused on advising a wide spectrum of firms in the sector, including both local and international firms, traditional asset management firms, as well as alternative asset management firms such as hedge funds, real estate, and private equity businesses. Her work centers on incentive plan design, compensation structure reviews, pay analyses, and market trend papers and studies.

As Pay Ratio Enters Its Third Year, Here’s What We Know So Far

To date, no company has won or lost vote support as a result of their pay ratio disclosures. With proxy advisory firms remaining silent on this issue so far, we don’t expect that to change.

Preparing for the 2020 Proxy Season and a Look Back at 2019 Say-on-Pay Voting in the U.S.

Issuers that received declining say-on-pay support and/or triggered a Board Responsiveness Policy from a proxy advisory firm will need to take a multi-step approach for 2020 planning.

Keeping Some Control Over Your Control Functions

The benefits of using aggregate pay benchmarking in your human capital strategy.

SEC Issues Interpretive Guidance on Proxy Advisory Firms

The guidance addresses the voting responsibilities of investment advisers and how they use proxy advisory firms. It also calls for additional information from proxy advisory firms.

New APRA Requirements in Australia Aim to Clarify and Strengthen Industry Remuneration Practices

In response to widespread misconduct in the financial services industry, The Australian Prudential Regulation Authority (APRA) issued a new draft set of standards in July 2019 that aims to clarify and strengthen industry practices in governance, culture, and remuneration. This article discusses the requirement’s core goals, key proposals, and what firms can expect for the future.

The Spotlight: Anthony Poole, Partner, European Asset Management

Anthony Poole leads McLagan’s European asset management practice and is based in London. Since joining the firm in 2006, Anthony has been responsible for providing performance and rewards consulting services to investment management organizations. His work includes compensation plan design and analytics across all asset management business functions, as well as regulatory assessment..

 

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