80 Restrictions on payments to directors
Enterprise and Regulatory Reform Act 2013 (2013 c 24) | Legislation

80  Restrictions on payments to directors

After section 226 of the Companies Act 2006 insert—

“Chapter 4A
Directors of Quoted Companies: Special Provision

Interpretation

226A Key definitions

(1)     In this Chapter—

“directors' remuneration policy” means the policy of a quoted company with respect to the making of remuneration payments and payments for loss of office;

“quoted company” has the same meaning as in Part 15 of this Act;

“remuneration payment” means any form of payment or other benefit made to or otherwise conferred on a person as consideration for the person—

(a)     holding, agreeing to hold or having held office as director of a company, or

(b)     holding, agreeing to hold or having held, during a period when the person is or was such a director—

(i)     any other office or employment in connection with the management of the affairs of the company, or

(ii)     any office (as director or otherwise) or employment in connection with the management of the affairs of any subsidiary undertaking of the company,

other than a payment for loss of office;

“payment for loss of office” has the same meaning as in Chapter 4 of this Part.

(2)     Subsection (3)

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