Focus Groups

Chairs: Mathew Hunter - Tapestry Compliance & Andrew Patterson - Clifford Chance 

Next Financial Services Focus Group: Thursday 1st October *Hosting opportunity available!

On 7 May 2026, we held a joint meeting bringing together the Financial Services and Tax-Advantaged Focus Groups hosted by MUFG Pension & Market Services. The hybrid session was chaired by Jennifer Rudman (Equiniti) and Andrew Patterson (Clifford Chance), with strong engagement both in person and online, where over 40+ members joined remotely!

The meeting opened with an update on the PRA and FCA Remuneration Reform introduced in October 2025. A practical case study illustrated how one firm is implementing the changes through a three-phase approach, with a focus on clear and timely employee communication. Discussion highlighted that changes to holding periods may apply not only to future awards but also to existing awards in flight. Attendees shared views on different implementation approaches, noting that the move to a four-year deferral period is likely to be more straightforward to communicate.

This was followed by an update on the Dematerialisation Market Action Taskforce (DEMAT), covering the move to digitisation and the removal of share certificates. A further report is expected in July, which should provide greater clarity for companies on the process and the practical implications for share plans. The session closed with an update on the Public Offers and Admissions to Trading Regulations 2024 (POATRs) changes introduced in January 2026, including discussion on efforts to provide greater certainty for companies navigating the new requirements; and updates from ProShare on all the great initiatives underway and a call for anyone who wants to get involved to speak to the ProShare team: team@proshare.org 

A huge thank you to all involved in planning and delivering this excellent event – especially our hosts at MUFG Pension & Market Services and all our speakers. Anne-Marie Clarke, ACG, Gill Macari, Andrew Patterson, Jennifer Rudman & Peter Swabey

Generously hosted by MUFG Corporate Markets

Agenda
Joint Financial Services & Tax Advantaged Plan Focus Group 

Chairs: Alexy Armitage - Howden & Julie Shepherd - Sage

Next Global Issues Focus Group: Thursday 15th October *Hosting opportunity available!

CMS generously co-hosted our recent Global Issues focus group, where industry experts and key share plan companies gathered in person and online to share updates and experiences on the latest in international themes around equity. As well as a fabulous book launch of (In)Vested by Carine Schneider, FGE with Q&A with Janet Cooper OBE

UK updates:

• We discussed the changes to the Employment Rights Act, around unfair dismissal and removing cap, potentially including loss of equity rewards.
• Employment Related Securities (ERS) - Simplifications including short-term business travellers; and confirmation no ERS reporting is required if exercising occurs after death.
• Autum budget - Reduction in capital gains tax relief (50%) when selling to a trustee.
• EMIs - Thresholds have increased from 10 to 15 years.
• Issuer discussions – what are the best plans for UK and global populations – ISAYE/ GESPP
• T+1 Settlement Transition in the UK - by October 2027, following existing US model. Computershare recommended companies start preparing by planning events earlier/ revising timelines; alignment with partners e.g. trustees and brokers; increase automation where possible; strengthen internal communications

EU Developments:

• From 5th June 2026, updated EU prospectus regulations take effect, increasing the threshold to $12 million for offers without the need for a prospectus, though countries may opt to remain at $5 million.
• Updated taxation on EU-incorporated stock option arrangements - where taxation occurs only upon sale of shares, targeted for 2027, though likely 2028.
• Swiss Bank Account Changes -  from November 2026, payments will require structured postal addresses to comply with new SWIFT requirements.
• Belgium Capital Gains Tax - introduced on certain financial assets, including shares, effective from January 1, 2026, with the law published on April 21, 2026. The tax applies only to gains not previously taxed as employment income.

Rest of World:

• The US - SEC’s Rule 701 exemption has received stricter guidance, requiring more information for offers exceeding £10 million within 12 months, and more clarity on RSUs.
• Prague - introduced a new securities regime without exemption for employee share plans.
• Hungary - tax authorities are enhancing policy reviews and reporting.
• New Zealand - specified tax point arises when the unconditional right becomes available.
• Norway - offers favourable tax treatment for phantom share plans where 90% of the purchase price is financed by the company, and shares must be purchased at market value to avoid taxable income classification.

ProShare updates:

• Awards deadline and top tips interactive webinar – June 4^th
• Joint event with IPSA and GEO – 11^th June in Dublin
• Intro to Employee Share Ownership course – 24^th June in Leeds
• SIP & SAYE Report Launch and Summer Event – 13^th August hosted by @JP Morgan
• House of Commons parliamentary event – 3^rd September save the date!

Thanks to all our speakers, Alexy Armitage, Julie Shepherd FGE, Sophie Altaf, Janet Cooper OBE, Sherry Howes, Andrew Moreton, Jaspal Pachu, Andrew Quayle and Carine Schneider FGE.  If you’d like to get involved / share feedback on what you would like to see at the next meeting, speak to the ProShare team: team@proshare.org.

Generously hosted by CMS Cameron McKenna Nabarro Olswang LLP

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Global Issues Focus Group and Share Plan book signing - Hybrid - OPEN TO NON MEMBERS

Chairs: Helen Baker - Hn06 & Becky Moore - Clifford Chance

Next Corporate Governance Focus Group: Tuesday 3rd November *Hosting opportunity available!

We recently co-hosted our Corporate Governance focus group with Clifford Chance, bringing together a standout mix of industry experts and representatives from market-leading companies and organisations.  The hybrid session saw strong engagement both in-person and online from a variety of contributors. 
We were fortunate to start with an early insight from the Department for Business and Trade (DBT) on the government's plans to Modernise Corporate Reporting (MCR), ahead of its planned consultation. An engaging talk set out how the MCR programme aims to deliver reform across six main areas: reporting rules, financial reporting, narrative reporting, corporate governance, remuneration reporting and digital efficiencies. The balance of the administrative burden of remuneration reporting vs. investor need for information on remuneration was raised and we heard more on what the DBT want to achieve for remuneration reporting, and how it plans to approach the consultation. The DBT representative actively welcomed and took away attendees' questions and suggestions (including a plea for the consultation to avoid August if possible!). If you couldn’t join this time, keep a close eye for more in this space, as we may have further sessions in the future. 

This was followed by a practical insight from Clifford Chance on current remuneration market trends during the AGM season, and a FTSE 100 company's governance and share plan lead sharing a candid and real-world case-study on how they successfully interacted with their investors to introduce significant changes to their remuneration policy in previous years. It was great to hear first-hand the approach taken by the company to effectively deliver the remuneration structure that was right for it. Others present also shared insights regarding practical AGM experiences relating to proxy agency interactions, shareholders who hold their shares through a nominee, and votes from voting platforms.
 
The session closed with the sharing of experiences on the increasingly important use of AI in the corporate governance and remuneration space; and updates from ProShare on all the great initiatives underway, with a call for anyone who wants to get involved to speak to the ProShare team: team@proshare.org. Thanks to our guest speakers James Keaveney, Corporate Modernisation Lead at DBT and Anna Watch, BT.

If you'd like to be part of the next conversation, or have a topic to suggest, we would be delighted to hear from you.

Generously hosted by Clifford Chance

Agenda
Corporate Governance Focus Group 

Chairs: David Edwards - Natwest & Jennifer Rudman - Equiniti

Next Tax Advantaged Share Plans Focus Group:  Monday 30th November (In collaboration with SME) *Hosting opportunity available!

On 7 May 2026, we held a joint meeting bringing together the Financial Services and Tax-Advantaged Focus Groups hosted by MUFG Pension & Market Services. The hybrid session was chaired by Jennifer Rudman (Equiniti) and Andrew Patterson (Clifford Chance), with strong engagement both in person and online, where over 40+ members joined remotely!

The meeting opened with an update on the PRA and FCA Remuneration Reform introduced in October 2025. A practical case study illustrated how one firm is implementing the changes through a three-phase approach, with a focus on clear and timely employee communication. Discussion highlighted that changes to holding periods may apply not only to future awards but also to existing awards in flight. Attendees shared views on different implementation approaches, noting that the move to a four-year deferral period is likely to be more straightforward to communicate.

This was followed by an update on the Dematerialisation Market Action Taskforce (DEMAT), covering the move to digitisation and the removal of share certificates. A further report is expected in July, which should provide greater clarity for companies on the process and the practical implications for share plans. The session closed with an update on the Public Offers and Admissions to Trading Regulations 2024 (POATRs) changes introduced in January 2026, including discussion on efforts to provide greater certainty for companies navigating the new requirements; and updates from ProShare on all the great initiatives underway and a call for anyone who wants to get involved to speak to the ProShare team: team@proshare.org 

A huge thank you to all involved in planning and delivering this excellent event – especially our hosts at MUFG Pension & Market Services and all our speakers. Anne-Marie Clarke, ACG, Gill Macari, Andrew Patterson, Jennifer Rudman & Peter Swabey

Generously hosted by MUFG Corporate Markets

Agenda
Joint Financial Services & Tax Advantaged Plan Focus Group 

Chairs: Jonathan Crookham - RM2 & Amy Reynolds - Forvis Mazars

Next SME Focus Group: Monday 30th November ,(In collaboration with Tax Advantaged share plans) *Hosting opportunity available!

Agenda