Podcast Location:
Download it here [file size: 40.9 MB]
Categories:
Employment Law
Corporate & Commercial Law
CPD Points:
Up to 1 point. details »

Due to the difference in guidelines between the SRA and the Bar Standards Board, CPD points are awarded differently for Solicitors, Barristers and Legal Executives:

Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This two-part podcast series with leading barrister Andrew Hochhauser QC from Essex Court Chambers outlines the interplay between employment law and contract law when dealing with claims concerning bankers’ bonuses in commercial contracts. It considers employment contracts which make express provision for bonus payments, the way in which the exercise of discretion differs in the employment and commercial contexts and considers the 'Nomura' approach which sets out the test for irrationality or perversity in the exercise of contractual discretion by an employer. It also sets out the facts and outcome of the bankers’ bonuses victory against Commerzbank and provides essential information concerning changes the FSA made to its Remuneration Code in 2011.

Outcomes:
After completing the course you will:
  • Have considered the way in which bonus payments are treated in commercial contracts;
  • Be aware of how the exercise of discretion differs in the employment and commercial contexts;
  • Understand the Nomura approach which sets out the test to be used for irrationality or perversity in the exercise of contractual discretion;
  • Have an understanding of the facts and outcome of the bankers’ bonuses victory against Commerzbank;
  • Be aware of what changes the FSA has put into effect in the FSA Remuneration Code 2011.
Level:
Intermediate Difficulty: 3 of 5
Classification:
Legal Principles
Legislative Updates
Market Update / Hot Topic
Sources and References:
  • Anar and Attrill v Dredner Kleinwort Ltd and Commerzbank AG [2011] EWCA Civ 229; [2012] EWHC 1189 (QB);
  • BG Plc v O’Brien [2001] IRLR 496);
  • Clarke v Nomura International plc [2000] IRLR 766;
  • FSA Remuneration Code;
  • Horkulak v Cantor Fitzgerald International [2004] EWCA Civ 1287, [2004] IRLR 942;
  • Investors Compensation Scheme v West Bromwich Building Society [1997] UKHL 28;
  • Johnson v Unisys Ltd [2003] 1 AC 518;
  • Lymington Marina Ltd v MacNamara & Ors [2007] EWCA Civ 151;
  • Mallone v BPB Industries Ltd [2002] EWCA Civ 126;
  • Paragon Finance PLC v Nash [2002] 1 WLR 685, CA;
  • Ridgway v JP Morgan Chase Bank International Association [2007] EWHC 1325;
  • Takacs v Barclays Services Jersey Ltd [2006] IRLR 877.

In this two-part CPDcast series, leading barrister Andrew Hochhauser QC from Essex Court Chambers discusses the interplay between employment law and contract law when dealing with claims concerning bankers’ bonuses in commercial contracts.

Date Recorded: 22nd May 2013

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