Is your company incorporated in the United Kingdom? Then no more hiding funds for you. When a director leaves a U.K. company, a new law requires the company to be more transparent with directors’ severance packages than ever before.
According to a new provision in U.K. law, companies will be forced to publish on their websites the details of any outgoing payments to the departing director. This includes both executive-level directors as well as non-executive level directors. According to lawmakers, this new law should force companies to be more up-front with shareholders rather than withholding information severance information until the company’s next annual report.