[F1226BRemuneration paymentsU.K.
(1)A quoted company [F2or unquoted traded company] may not make a remuneration payment to a person who is, or is to be or has been, a director of the company unless—
(a)the payment is consistent with the approved directors' remuneration policy, or
[F3(b)an amendment to that policy authorising the company to make the payment has been approved by resolution of the members of the company.]
(2)The approved directors' remuneration policy is the most recent remuneration policy to have been approved by a resolution passed by the members of the company in general meeting.]
Textual Amendments
F1Pt. 10 Ch. 4A inserted (1.10.2013) by Enterprise and Regulatory Reform Act 2013 (c. 24), ss. 80, 103(3); S.I. 2013/2227, art. 2(h)
F2Words in s. 226B(1) inserted (10.6.2019) by The Companies (Directors Remuneration Policy and Directors Remuneration Report) Regulations 2019 (S.I. 2019/970), regs. 1, 7(a) (with reg. 2)
F3S. 226B(1)(b) substituted (10.6.2019) by The Companies (Directors Remuneration Policy and Directors Remuneration Report) Regulations 2019 (S.I. 2019/970), regs. 1, 7(b) (with reg. 2)