Banking update 16.9.2015: suggested changes to the Companies Act regarding compensation of functionaries in public companies

On September 9, 2015, suggested changes to the first addition to the Companies Act (1999) and the Companies Regulations (2000), were published for public comment. These changes included leniency towards compensation settlements of functionaries in public companies:

• Changes regarding exemption from the duty to base varying components on measurable criteria
• Changes regarding form of approval of changes in terms of employment of functionaries subordinated to the CEO

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