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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.

Credit Union Director Compensation: From Taboo to Typical

Are you thinking about providing director compensation at your credit union? This article discusses the pros and cons of this trending topic, and how your credit union should approach its board compensation philosophy.

McLagan ODD IQ Services: Know Where Your Firm Stands

In today’s competitive environment, many asset management firms face fundamental challenges, including attracting and maintaining institutional assets. Knowing how your firm stacks-up against your peers when competing for mandates is crucial. To address this need from an operational perspective, McLagan is introducing ODD IQ. This case study article provides two examples of how ODD IQ helped in what might have otherwise been a negative situation for asset management firms.

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..

Employee Rewards Q&A: What Firms Should Know Going Into Year-End

McLagan’s Employee Rewards Team recently hosted a webinar to highlight key topics that are trending in compensation within the financial services sector and provide actionable steps for firms to take as we head into year-end. This article tackles some of the most pressing questions we received and offers helpful advice for how to analyze, design, and administer pay programs that are aligned with your business goals.

Aligning Non-Executive Director Remuneration Expectations with Shareholder Interests

How do we align directors’ remuneration to shareholder interests? In the second of article of a two-part series, we will discuss key considerations for non-executive director compensation during a time of significant change.

Take Your Compensation Disclosure to the Next Level by Reporting Realizable Pay

More companies are disclosing realizable pay in their proxies, which can be a strategic advantage for helping investors and proxy advisors better understand your pay programs.

Human Capital Strategies in Financial Services: Time to Look Beyond Compensation?

Explore key findings and critical new age insights from our recently conducted Talent Pulse Study—a broad overview of talent management practices at financial services firms across India.

Latin American FinTech Markets Growth and Its Impact on Traditional Financial Players

Many people in Latin America do not have bank accounts or credit histories, leaving them with little reason to work with banks. Consumer banking services are currently only offered by a handful of large traditional banks, making room for new players in the marketplace—more specifically, the growing FinTech sector and its low-cost offerings. Emerging FinTech firms provide opportunities for this underserved population due, in part, to their lower or non-existent fees compared to large banks that charge for almost every service. In this article, we explain specific trends and the resulting impact of FinTech in the markets of Argentina, Brazil, Columbia, and Mexico.

ISS Hints at Changes to Board Composition and Climate Risk

The policy survey for companies and investors to submit feedback closed on August 9th. Questions touched on board diversity, overboarding policies, and overseeing climate risks.

Saying Goodbye to Bruce McLagan

We are saddened to share that one of our founders, Bruce McLagan, passed away Thursday, August 1, 2019.

The Spotlight: Tomoyuki Yamashita, Associate Partner, APAC Executive Compensation, Head of Japan

Tomoyuki Yamashita is an associate partner and head of McLagan Japan, responsible for the
overall consulting services and compensation survey businesses in the country. He is a trusted
advisor to Japan-based financial organizations, advising on performance and reward, executive
compensation, financial productivity and, short- and long-term incentive design.

Driving Accountability in Incentive Compensation Governance

This article, first appearing in Bank Director, highlights best practices for accountability regarding incentive compensation for banks.

Aon Releases the Ward’s 50 List of Top-Performing Insurance Companies for 2019

Aon plc, a leading global professional services firm providing a broad range of risk, retirement, and health solutions, has released the list of Ward's 50® top-performing insurance companies for 2019, identifying U.S. companies that have achieved superior financial performance. Ward benchmarking is the leading operational and compensation benchmarking and best practices service for insurance companies.

The Spotlight: Patrick Connell, Partner, Global Head of Banks

Patrick Connell leads McLagan’s global banking consulting practice, specializing in providing
performance and reward guidance to a wide range of financial services clients. His areas of
expertise include advising clients on pay, productivity, staffing, and expense control issues,
designing compensation programs to support client business objectives, and managing
comprehensive compensation and benefits reviews. Patrick joined McLagan in 1996 and has led
engagements for major U.S. and foreign institutions including banks, capital markets institutions,
financial advisory consulting firms, and government sponsored enterprises.

Reimaging Rewards: How to Compete for Today’s In-Demand Digital Workforce – and Win

Industries across the board are being reimagined and reshaped by digital convergence. Creating a total employee experience that attracts, motivates, and rewards key players in a fast-moving, digital environment will require a holistic approach to designing compensation and rewards programs. This white paper provides a step-by-step approach that allows organizations to identify, attract, and retain the talent they need not only today, but also as they plan for future workforce needs.

Using Job Architecture to Enable Digital Transformation

Companies across all industries need a job system that supports a changing workforce. This white paper discusses how digital transformation is altering job architecture and provides tactics for revamping your architecture to meet new demands.

Staying Ahead of the Curve: Tech Convergence in Financial Services Q&A

How are financial services firms responding to the changing digital landscape? This article answers some of your most pressing questions as they relate to tech convergence, and how firms are adapting to an ever-changing business environment.

Will Your Job Exist in 10 Years?

Technology and artificial intelligence (AI) are transforming the workplace as we know it. New skills and competencies are emerging, as jobs continue to evolve, forcing employees to ask themselves—will my job exist 10 years down the road? This article explores the future of work and how firms are preparing their talent for this new, tech-driven world.

The Spotlight: Mark Miles, Partner, European Wealth Management

Mark Miles is the head of wealth management in Europe. He leads the development and delivery
of market leading business improvement consulting, leveraging the firm’s proprietary data
and unrivalled insight of client experience, pay & productivity, and talent from its Scorpio and
McLagan wealth consulting businesses.

Compensating Non-Executive Directors (NEDs) for Skills, Experience, and Time

Are non-executive directors being fairly remunerated for their skills, experiences, and time? In this first article of a two-part series, we will discuss common questions that boards are exploring in Southeast Asia and other regions across the globe.

Broad Corporate Governance Changes Proposed in Canada

On April 8, 2019, the federal government of Canada introduced Bill C-97 to implement certain provisions of the budget and other measures. The Bill proposed several important amendments to the Canada Business Corporations Act (CBCA), forcing prescribed corporations to develop new remuneration approaches and meet new requirements. This article takes a closer look at the planned regulatory changes and how to best prepare your firm for what lies ahead.

Infographic: Is Your Audit Function Keeping Pace with the Market?

In this infographic, we walk through recent trends for the audit function in universal banks and discuss how to measure and interrogate your audit function performance data.

Why It Pays to Find Your Balance

Between the changing regulatory environment and evolving customer demands, wealth managers are realizing that incentive plans must reflect more than just shareholders’ needs, leading to the use of a broader set of metrics, often in a balanced scorecard approach. This article outlines how to strike the right balance between multiple quantitative and qualitative metrics to ensure firms remain competitive, create desired outcomes, and are in line with regulatory principles when creating a well-functioning incentive scheme.

 

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