The Employment Lawyers Association (ELA) has warned of “significant” legal pitfalls in the Bank of England’s proposals to require financial firms to amend employment contracts to enable bonuses and other rewards to be clawed back. This would involve an extension to the Remuneration Code, which regulates pay and bonuses. The ELA says the personal culpability of the executive concerned should be the only ground for clawback and not, as proposed, misbehaviour or material error, material downturn in financial performance, or material failure of risk management.
22 May 2014
Bonus clawback
MOVERS & SHAKERS
Gibson Dunn—Richard Surtees
Gibson Dunn adds employee benefits and executive compensation practice in London with partner Richard Surtees
Laytons ETL—Alec Cameron
Laytons ETL appoints new partner and head of intellectual property disputes
Muckle LLP—Roland Fairlamb
Specialist associate solicitor rejoins Muckle’s leading employment team
NEWS
A series of recent decisions has clarified important principles across property law, from perpetuities to lease renewals and public rights over land
Employers cannot rely on wellbeing services alone to defend workplace stress claims after a High Court decision awarding almost £1m to an overworked employee
Andy Burnham's brand of 'Manchesterism' could offer fresh thinking on legal aid and access to justice if it reaches Westminster, according to Roger Smith, NLJ columnist and former director of JUSTICE
The constitutional fallout from a change of prime minister, rather than the politics, is under scrutiny as questions arise over the limits of executive authority in a leadership transition
The legal profession is undergoing a fundamental shift from selling services to creating technology-enabled products, according to Professor Luke Mason, Head of School of Law at Regent's University London
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