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Emma Louise Garthwaite

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Emma Louise Garthwaite is an Associate in Baker McKenzie's London office.

In brief On 21 January 2021, the Organisation for Economic Co-Operation and Development (OECD) published updated guidance on tax treaties and the impact of the COVID-19 pandemic, originally issued by the Secretariat in April 2020. The OECD’s guidance reflects the Secretariat’s views on the interpretations of the tax treaties and…

On 21 January 2021, the Organisation for Economic Co-Operation and Development (OECD) published updated guidance on tax treaties and the impact of the COVID-19 pandemic, originally issued by the Secretariat in April 2020. 

The OECD’s guidance reflects the Secretariat’s views on the interpretations of the tax treaties and the general approach being taken by member jurisdictions, and illustrates how certain jurisdictions have addressed the impact of the pandemic on the tax situations of individuals and employers. The OECD states that the updated guidance is intended to provide greater certainty to taxpayers during the COVID-19 pandemic.

In brief On 24 November, Glass Lewis published its 2021 Proxy Voting Guidelines for the United Kingdom (UK). Unsurprisingly the COVID-19 pandemic and its impact on governance and stewardship practices is featured prominently in the updated Guidelines. The role of ESG policies is also highlighted. Notably, Glass Lewis now recommends voting…

On 10 December 2020, the Prudential Regulation Authority (PRA) published a statement on capital distributions by large UK banks. In a move that reflects the PRA’s view that large UK banks remain well capitalised, it has confirmed that banks may recommence some distributions and it is updating its expectations on the payment of cash bonuses to senior staff, including all material risk takers (MRTs), by large UK banks. However, against the backdrop of the global COVID-19 pandemic, the end of the Brexit transition period and the uncertainty that these entail, the PRA urges banks to take a cautious and measured approach.

The Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) have recently published consultations relating to the implementation of the Capital Requirements Directive V (“CRD V”) in the United Kingdom. The consultations also address how the United Kingdom’s (“UK’s”) financial services remuneration rules will work effectively at the end of the transition period following the UK’s exit from the European Union (“EU”) on 31 December 2020. 

The Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) have recently published consultations relating to the implementation of the Capital Requirements Directive V (“CRD V”) in the United Kingdom. The consultations also address how the United Kingdom’s (“UK’s”) financial services remuneration rules will work effectively at the end of the transition period following the UK’s exit from the European Union (“EU”) on 31 December 2020. 

In brief On 27th April 2020, the Investment Association (“IA”) published guidance in relation to shareholder expectations of how the impact of COVID-19 should be reflected in executive remuneration packages. The IA guidance notes that the impact of COVID-19 will be different for each and every company and, at a…