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From Mercer

Swiss bank pay rules: compliance by 1 Jan 2011

Switzerland's FINMA has issued a circular on financial institutions’ remuneration systems, which must be complied with by 1 Jan 2011. It is consistent with FSB standards and will only be mandatory for the largest banks and insurance providers. (Select News, 20 Nov 2009) More

G-20 countries continue banking exec pay reforms

At the recent G-20 meeting, member countries affirmed their commitment to “urgently adopt” consistent executive remuneration reforms for the finance sector and agreed that the Financial Stability Board will monitor and report progress by March 2010. (Select News, 18 Nov 2009) More

France restricts executive pay for bankers

France has implemented new pay rules for banks based on the principles established at the G-20 meeting. The rules, effective immediately, call for increased transparency and restrict the timing and form of bonus payments to certain executives. (Select News, 18 Nov 2009) More

HRadio: Live long and prosper?

Mags Shackleton of Mercer UK tells HRadio listeners how increased life expectancy is affecting pension costs, and explains guidelines from the Pensions Regulator on estimating the rates at which life expectancy may increase in the future. (Podcast, 13 Nov 2009) More

EC refers Estonia to court over pension tax rules

The European Commission (EC) has announced that it will refer Estonia to the European Court of Justice over its discriminatory taxation of pensions paid to low-income non-residents. It has been a year since the EC asked Estonia to amend its laws. (Select News, 11 Nov 2009) More

EC asks Hungary to amend parental leave laws

The European Commission (EC) has sent Hungary a formal request to amend its parental leave laws to bring them in line with the EC’s Parental Leave Directive. Hungary has two months to respond before the matter can be referred to court. (Select News, 10 Nov 2009) More

EU: Full-time pay for worker fired during leave

When a full-time worker in the European Union is dismissed while on part-time parental leave, severance pay must be calculated on the basis of the employee’s full-time salary, the European Court of Justice has ruled. (Select News, 9 Nov 2009) More

RMG issues draft 2010 pay and governance policies

Proxy adviser RiskMetrics Group's draft pay and governance policies for 2010 address pay for performance, risk-reward practices and director independence in the US, as well as board elections and independent directors in Canada, Europe and Japan. (GRIST, 6 Nov 2009, 5 pages) More | Article

Europe: Ruling on dismissed pregnant worker rights

The European Court of Justice ruled that if the only remedy available to dismissed pregnant workers under a member state’s law provides inadequate time in which to bring proceedings, that law is discriminatory. A 15-day period is short, the ECJ says. (Select News, 5 Nov 2009) More

Europe proposes more financial supervisory reforms

To complement and reinforce September’s legislative package revising the financial supervisory system, the European Commission has issued more legislative proposals that would change existing laws and clarify the Authorities’ scope of power. (Select News, 4 Nov 2009) More