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 executive 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.

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.

Benchmarking 101: How to Benchmark, and Why It Matters

To recruit top talent in today’s competitive market, it’s important to know what your peers are paying and compare your compensation strategy against this data. Regularly benchmarking your firm’s positions to survey matches is the best place to start. This article delves into the ins and outs of benchmarking and provides a quick guide for making the process as seamless and effective as possible.
 

Important Tax Changes Affecting Employee Retirement Plans in Asia

Tax, administration, and financing updates have been implemented in Hong Kong and Singapore.
From reviewing longstanding processes and ensuring compliance for recently required reporting, to reassessing and communicating new tax deductions and exemptions, the topics outlined in this article highlight key changes and provide more information on what employers can do to effectively manage these changes so there are no surprises in the near term.

The Spotlight: Warren Rosenstein, Partner, Global Head of FinTech, Consulting Services, and Regional Head of Latin America

Warren Rosenstein has global responsibility for McLagan’s financial technology and consulting services practices and oversees the firm’s Latin America financial services business. Warren helps clients build customized reward and human capital strategies that support each firm’s unique business requirements. He has designed solutions ranging from job architecture, performance management, incentive design, salary banding, compensation philosophy, staffing models, and productivity optimization.

Are Performance Ratings Really a Thing of the Past?

Major companies are dropping the use of performance ratings when it comes to managing their employees. Is this the common future trend, and how are firms responding? This article takes a closer look at new performance strategies that are happening across the globe, with a specific focus on Asia and the financial services sector.

The Spotlight: Michael Deeks, Partner, Asset Management

Michael Deeks leads McLagan’s asset management practice, delivering performance and reward consulting services to traditional and alternative asset managers, as well as asset owners. In particular, Michael advises on broad-based and executive compensation and carried interest arrangements. His work also includes conducting benchmarking and market practice studies. Michael’s team recently launched McLagan’s Operational Due Diligence IQ Study, which provides asset managers with performance benchmarks on over 150 non-investment risk factors and best practices.

Top 5 Ways to Maintain Your Salary Structure

Having a strong salary structure is crucial for determining individual employee pay. This article shares the top 5 things you should consider to successfully maintain your organization’s salary structure and remain competitive in the market.

Fighting the War for Digital Talent

What should financial services firms keep in mind as they design their employee value propositions and total reward strategies to compete for top tech talent? This article discusses the evolution of financial services in the digital age, compares the industry practices of financial services and technology, and offers food for thought when adapting your firm’s talent and rewards strategies to the new digital world.

The Latest Salary Provisions and Their Impact on Employee Rewards

As reported in the Aon Washington Report, the last couple of weeks have seen two significant developments in the area of broad based compensation. This article summarizes proposed provisions and what employers should do next.

Banks in India: Navigating the New RBI Guidelines

 The Reserve Bank of India (RBI) has, through a recent discussion paper, proposed new guidelines for executive compensation for private sector banks in India. The planned guidelines entail major changes to the existing guidelines, including a proposed cap on variable pay and inclusion of Employee Stock Option Plans (ESOPs) under variable pay. This article provides a quick summary of the changes that are occurring, who they will affect, and what banks should consider.

Preparing for a Tsunami of M&A in the Global Financial Services Industry

As M&A activity continues to pick up in the global financial services industry, it’s important to determine driving factors and use the checkpoints listed below to ensure a smooth transaction for both your business operations and employees.

 

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