The AIM Rules have been amended in relation to disclosure of directors’ remuneration and electronic communication with shareholders.
Directors' remuneration
AIM Rule 19 has been amended so that companies with securities admitted to AIM will be required to disclose in their annual accounts details of the remuneration of each director for the financial year in question. This change brings the disclosure obligations of AIM companies more in line with those of main market companies. Directors’ remuneration includes:
- emoluments and compensation including any cash or non-cash benefits received;
- share options and other long term incentive plan details, including information on all outstanding options and/or awards and any gains made on exercise and/or vesting; and
- the value of any contributions paid by the AIM company to a pension scheme.
The disclosure requirement applies to AIM companies for financial years ending on or after 31 March 2010.
Electronic communication with shareholders
All AIM companies (not just those subject to the Companies Act 2006) may now send accounts and admission documents to shareholders electronically, subject to certain requirements equivalent to those in CA 2006. This change takes immediate effect and puts overseas-registered AIM companies on an equal footing with UK companies in relation to electronic communications with shareholders.
AIM Notice 36 is available here. The full AIM Rules as amended are available here.
