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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.

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.

 

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