Thursday, 25 April 2013

UK: House of Lords accepts introduction of 'employee-shareholder' status

The House of Lords yesterday debated once more the Government's wish to include in the Growth and Infrastructure Bill a clause to introduce the new employment status of 'employee shareholder': see here. The Lords accepted, 275 voting cast for and 168 against, the clause's inclusion in the Bill following the Government's acceptance of various amendments, including a requirement for independent advice to be given regarding the terms and effect of the proposed agreement for the receipt of shares in exchange for the surrender of certain employment rights. Today, as part of the so-called ping pong, the House of Commons accepted the Lords' amendments (222 votes were cast in support and 161 against). The Bill now requires Royal Assent to become law.

Update (26 April 2013) - Royal Assent was given on April 25: see here. A copy of the Act is available here (pdf).

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