The Association of British Insurers (ABI) has revised its guidelines on executive remuneration. The revised guidelines emphasise that shareholders want remuneration committees to retain the discretion to modify remuneration awards downwards if a listed company's actual performance means that a particular award is not merited. Revisions also address the forthcoming changes to pensions taxation and advise that listed companies should consider how to limit future liabilities and consider alternative forms of remuneration. This report highlights the main changes that have been made since 2004.