Law firm Tapestry has launched an online service and database to help manage the global legal compliance aspects of an employer’s share plans.
The system covers many types of plans, including:
- Deferred share bonus
- Employee stock purchase
- Performance share plans and restricted stock units
- Restricted share plans
- Share options
- Savings-related share options
- Share match and co-investment
- Cash plans
It also covers other compliance issues, such as the use of clawback clauses, remuneration regulations affecting financial services firms, salary deductions and savings, and the use of nominees for employee shareholders.
Bob Grayson, partner at Tapestry, said: “Compliance with overseas laws and taxes is increasingly important to companies when operating share and incentive plans globally, and for many companies it is part of their brand to be seen to be aware of and comply with local regulation. However, with the continuing constraints on budgets, companies need to do this but spend less.
“We developed our database and online solutions to enable companies to manage their overseas compliance requirements better. We have used state of the art technology and there are a range of additional online tools to help companies do this quickly, efficiently and for it to cost them less.”
Janet Cooper, partner and director of Tapestry, added: “In developing the content of the databases and online solutions, we wanted to make it particularly useful for financial services companies. We have included content on deferred share bonuses which many now do and the use of malus/clawback clauses.”