Abstract
This paper subjects to analysis directors’ remuneration disclosure regime in the United Kingdom and draws lessons for Nigeria to promote transparency and accountability in relation to directors’ remuneration. To achieve its objective, this paper critically examines the legal framework for disclosure of directors’ remuneration in the United Kingdom. The Companies Act 2006 (CA 2006) provides the framework for disclosure of directors’ remuneration in the United Kingdom. The Enterprise and Regulatory Reform Act 2013 (ERRA 2013), and the Companies (Directors’ Remuneration Policy and Directors’ Remuneration Report) Regulations 2019 (CDRPDRR Regulations 2019) respectively made amendments into the CA 2006. The first part of this paper presents an introduction, while the second part presents a brief history on disclosure of directors’ remuneration in the United Kingdom. The third part highlights the importance of disclosure of directors’ remuneration, while the fourth part examines the legal framework for disclosure of directors’ remuneration. The fifth part concludes the paper, while the last part draws lessons for Nigeria. It was found that the legal framework for disclosure of directors’ remuneration in the United Kingdom adequately guarantees transparency. One lesson drawn for Nigeria is that directors of quoted and traded companies are required to prepare directors’ remuneration report.
Keywords: Directors’ Remuneration, Directors’ Remuneration Report, Disclosure, Transparency, Accountability.