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GEOnews - 22 March 2013
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Last Chance to Submit NECF Speaking Proposals
Today is the last day to submit a speaking proposal for GEO's 3rd Annual National Equity Compensation Forum (NECF). We encourage anyone interested in being a part of this year's agenda to submit a proposal today. Please visit the GEO website for more information on how to submit a proposal.
Upcoming GEO Webcast on France
Please join GEO and industry experts from Jones Day for a webcast "Rethinking Your French Equity Compensation Plans" on Wednesday, 27 March to find out whether offering a French qualified share plan is still a cost-effective means of rewarding French employees. For more information about this webcast or to register for it, please click here.
Employee Participation Programs in Germany - Survey Results Are In!
The Hay Group, in a partnership with the GEO DACH Chapter, recently conducted a follow up study to its Employee Participation Programs Survey on the current trends and opinions on employee participation programs in Germany. Approximately 154 companies from different industries and sizes in Germany participated in the survey. GEO is pleased share the 2013 survey results with our members (available in English and German for your convenience). Find out what the biggest concerns are about employee participation programs as outlined in the survey. GEO thanks The Hay Group and the DACH Chapter for sharing this important information.
 Registration for GEO's14th Annual International Conference is Now Open
We are pleased to announce that registration for GEO's 14th Annual International Conference in Munich, 12-14 June is now open. The Conference will feature keynotes from the world of academia, regulators and top professionals as well as 58 sessions presented by leaders in their fields and companies. If your company offers equity on a global basis, this is an event that you cannot afford to miss! Register before 30 April 2013 and save on Conference registration.
Only a Few Weeks Left to Submit GEO Award Applications
GEO is currently accepting submissions for GEO Awards. Past winners include a combination of large and small companies from around the world in various industries. If you'd like to join GEO's elite group of award winners, please visit the GEO website to learn more about how to submit an award application.The deadline to submit an award application is Friday, 12 April 2013.
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CONFERENCES
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18 April 2013
Northern California Forum
San Carlos, California REGISTRATION OPEN
12-14 June 2013
14th Annual International Conference
Munich, Germany
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WEBCASTS
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CHAPTER MEETINGS
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27 March 2013
Rethinking Your French Equity Compensation Plans
21 May 2013
The Proceeds Odyssey-
Challenges of Repatriation
of Participant Proceeds
SAVE THE DATE
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09 April 2013
UK and CI Chapter
London, England
REGISTRATION OPEN
18 April 2013
Toronto Chapter
Toronto, Canada
REGISTRATION OPEN
16 May 2013
NY Chapter
New York, New York
SAVE THE DATE
23 May 2013
Netherlands Chapter
Amsterdam, Netherlands
SAVE THE DATE
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- 26 March - 9th Annual CEP Symposium, Drop by the GEO booth located in the exhibitor area for a chance to win one of two free GEO memberships.
- 29 April-1 May - World at Work Total Rewards Conference, Hear our own Danyle Anderson speak on "Insights from the Inside: Private vs. Public Global Equity Compensation." Be sure to also vist the GEO booth, number 225, in the exhibit hall.
- 5-8 May - Solium Synergy, Hear our own Robyn Shutak speak at the session, "Hoedown Throwdown - Financial Reporting and Legal Challenge."
- 15-18 May - E*TRADE Directions 2013, Attend the sessions "So ESPPs Aren't Dead After All? A Design and Accounting Primer" and "Life Events & Equity Compensation" and hear from our own Robyn Shutak.
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 Francis O'Mahony 
GEO Issuer Advisory Council Member
Head of Employee Share Plans and Share Registration
BT Group plc
Francis O'Mahony is Head of Employee Share Plans and Share Registration at BT Group plc responsible for driving forward strategy, communications and administration of the group's UK and global share plans. He has been at BT for nine years. Before this he was a share plans consultant at Mercer's for two years. Before that he was Employee Share Schemes Unit manager at HM Revenue & Customs for six years, including during the introduction of the UK Share Incentive Plan (SIP) and UK EMI legislation.
About BT Group plc
BT is one of the world's leading communications services companies, serving the needs of customers in the UK and in more than 170 countries worldwide. Its main activities are the provision of fixed-line services, broadband, mobile and TV products and services as well as networked IT services.
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Just One in Three Start-ups Use Employee Share Options - Three Top Tips You Should Know
Source: Startupsmart A new survey has revealed only 37% of local tech companies have issued share options in the last three years, with tax reasons cited as the main consideration for their reluctance.
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Share Scheme Rules Send Talent Overseas
Source: BRW Tax rules introduced by Treasurer Wayne Swan in 2009 are making employee share options too burdensome for most companies to issue, hampering innovation and sending talent overseas, a survey has found.
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EU Lawmakers to Close Deal on Bank Bonus Clampdown
Source: The Economic Times European Union lawmakers are expected to agree on Wednesday to bar bankers in Europe from getting bonuses bigger than their salary, with just the timing of the first cap of its kind globally to be decided.
European Bank Reform: A Boon for Tax Authorities?
Source: CGMA The proposed package of European bank reform measures, known as the Capital Requirements Directive Four (CRD4), could be a boon to European tax authorities, giving them a clearer view of when banks attempt to shift profits out of country to avoid tax, observers say.
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Update on Tax Withholding Requirements for Dividend Payments
Source: PwC As detailed in this February 2013 Update, starting January 1, 2013, dividend income will be subject to French income tax at progressive tax rates. The election for a flat withholding tax is abolished. Instead, a tax of 21% (plus social surtaxes) must be withheld on dividends paid to French tax resident shareholders as an 'installment' towards the annual taxes due.
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Employer Reporting Obligations for Unapproved Employee Share Plans Eased
Source: PwC Since 2010, employers are required to submit Form RSS1 ("Return of Share options and other rights") annually by March 31st for reporting related to all unapproved employee share plans.
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Guidance on Employer Reporting Obligations and the Taxation of Internationally Mobile Employees
Source: PwC With the issuance of the new Public Rulings ("PR") on Employee Share Scheme Benefit (PR No. 11/2012) and Share Scheme Benefit for Cross Border Employees (PR No. 12/2012), companies implementing employee share plans in Malaysia (regardless of whether local / global plan or participated by local / internationally mobile employees) have the tax obligations set.
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New Liability Rules for Foreign Bank Accounts
Source: PwC Receiving proceeds under incentive plans to a foreign bank account of a Russian participant is generally considered an "illegal currency transaction". PwC-Russia has always recommended for participants to receive proceeds via Russian bank accounts and recommended using Russian bank accounts in order to forward any payments.
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Abolishment of the Equity Remuneration Incentive Scheme (ERIS) on Equity Compensation
Source: PwC An unexpected development in the area of equity compensation was received when the Singapore Budget was announced on February 25, 2013. The Equity Remuneration Incentive Scheme ("ERIS"), which was established after the release of the Singapore budget in 2008, will be abolished later this year. Following this budget announcement, the existing EEEBR and CEEBR Schemes were combined and re-named the ERIS. ERIS was broken into three groups:
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New Tax Reporting Obligations for Assets and Rights Held Outside of Spain
Source: PwC Beginning January 1, 2013, a new reporting obligation has been introduced in connection with assets and rights located outside of Spain. This reporting obligation ("Form 720") is effective with regard to the 2012 tax year. Individuals must file Form 720 electronically before April 30, 2013 (March 31st from 2014 onwards). The regulations establish that Spanish tax resident entities and individuals should file an information return to declare the following assets or rights they have outside Spain when the value of those assets/rights exceeds EUR 50,000 at any given time in the year for each asset group:
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Swiss Electorate Votes for Strict Compensation Regulation
Source: PwC On March 3, 2013, the Swiss public voted in favor of the Minder Initiative ("the Initiative") by a majority vote of 68%. As a result of the Initiative, Switzerland will introduce one of the strictest regulations on executive compensation and corporate governance in the world. The regulations will affect all Swiss companies whose shares are quoted on a Swiss or overseas stock exchange, their governing bodies (Board of Directors, Executive Management and Advisory Board), and their shareholders (including approximately 2,000 pension funds). The Initiative will not go into effect upon finalization of the "transitional ordinance", which the Swiss Federal Council has until March 2014 to finalize.
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Seizing the Decade for Employee Ownership
Source: FFW Employee ownership has to overcome fundamental obstacles in order to become part of the mainstream UK economy. In 2012, Westminster and Whitehall acknowledged these obstacles and committed to working with the employee ownership sector and others to help dismantle them. All of the recommendations in the Nuttall Review were supported, partly accepted or for the most part completely accepted by the Government.
Nuttall Review - Implementation of Share Buy Back Changes
Source: FFW The government has announced changes to the statutory regime for share buy backs as recommended in Graeme Nuttall's report to the Government - the Nuttall Review. These changes are to encourage employee share ownership in private companies through improving the operation of internal share markets. The changes do, however, go wider than this.
Employee Benefit Trusts ("EBTs")
Source: Mondaq An EBT is a flexible trust arrangement which is established by an employer company for the benefit of some or all of its employees. The trustees are commonly offshore allowing future gains and income to be free from UK tax. The employer will make a contribution directly to the EBT which is often allocated or earmarked for a particular employee.
Employee Ownership Sector to Receive £50m Boost
Source: Employee Benefits Budget 2013: The government has announced it will provide £50 million annually from 2014-2015 to incentivise the growth of the employee ownership sector. In its 2013 Budget, the government said this will be used to respond to.
CFOs' Optimism on the Rise
Source: CGMA US CFOs are more optimistic than their counterparts in Italy and France, but there are signs of progress in both North America and Europe, according to a new survey. CFOs in the United States report increased optimism about their own businesses and the global economy and, to a lesser extent, about their domestic economy.
UK Investors, Companies Prefer Simpler Pay Disclosures
Source: CGMA UK investors and company executives favor reporting for director and executive remuneration that is simpler than what UK regulators have proposed, according to a new report by the UK Financial Reporting Council (FRC) financial reporting lab
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Second Circuit Reaffirms that Moench Presumption Applies Only When Plan Terms Require Investment in Employer Stock
Source: Lexology The U.S. Court of Appeals for the Second Circuit affirmed, in part, and vacated, in part, a fiduciary breach lawsuit against the investment committees of two eligible individual account plans. Participants sued the investment committees claiming that the decision to offer an employer stock fund was imprudent. The Second Circuit recognizes the Moench presumption-the presumption of prudence when a plan fiduciary retains employer securities as an investment option as required by the terms of the plan document.
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The Affordable Care Act - International Implications
Source: Baker & McKenzie On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act ("PPACA"), which provided a comprehensive regulatory overhaul of the health care system in the U.S.
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Recent Developments for the Fourth Quarter 2012
Source: Baker & McKenzie We had predicted back in 2004 with the advent of FAS123R and the increased focus on share utilization that restricted stock units would become the primary form of equity award.
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