The Report Leadership group was formed to develop simple, practical ways to improve corporate reporting. Our first publication, in 2006, set out ideas for the main narrative and some financial sectors of the annual report. In 2007, this was followed by a publication, built on input and feedback from a range of investors, that made recommendations for improving the reporting of executive remuneration.

With effect from 1 October 2013, the Department for Business, Innovation and Skills (BIS) has introduced a new governance framework for directors’ remuneration, including a binding vote on forward-looking remuneration policy at least every three years and new disclosure regulations (‘the Regulations’). The Regulations incorporate a number of the features that were show-cased in Report Leadership – Executive Remuneration in 2007. They have evolved through extensive consultation between BIS, companies, shareholders and other interested parties. The Regulations are designed to increase the transparency of companies’ reports, improve accountability to shareholders and provide clear evidence of the linkage between performance and reward.