Remuneration Committee
Developing remuneration schemes that align with long-term shareholder interests
The Purpose of the Remuneration Committee
The purpose of the Remuneration Committee is to establish a formal and transparent procedure for developing policy on executive remuneration and to set the remuneration packages of individual directors, as required by Principles P, Q and R of the UK Corporate Governance Code.
Remuneration Committee duties
- Having delegated responsibility for determining the policy for directors’ remuneration and setting remuneration for the Chair of the Company, executive directors and senior management
- Establishing remuneration schemes that promote long-term shareholding by Executive Directors that support alignment with long-term shareholder interests
- Designing remuneration policies and practices to support strategy and promote long term sustainable success, with executive remuneration aligned to Company purpose and values, clearly linked to the successful delivery of the Company’s long-term strategy
- Considering the UK Corporate Governance Code requirements for clarity, simplicity, risk mitigation, predictability, proportionality and alignment to culture when determining Executive Director remuneration policy and practices
- Ensuring that no Director or senior manager shall be involved in any decisions as to their own remuneration
- Taking into account all other factors in determining remuneration policy, which it deems necessary including relevant legal and regulatory requirements, the provisions and recommendations of the Code and associated guidance
- Reviewing the ongoing appropriateness and relevance of the Remuneration Policy
- Determining the total individual remuneration package of each Executive Director, the Company Chair and members of the Executive Board, within the terms of the agreed Policy and in consultation with the Chair and/or Chief Executive
- Having full authority to appoint remuneration consultants and to commission or purchase any reports, surveys or information which it deems necessary
- Reviewing the design of all share incentive plans for approval by the Board and, where required, shareholders
- Reviewing workforce remuneration and related policies
No member of the Committee shall ever participate in a discussion concerning his or her own remuneration
Remuneration Committee Membership FY22
The following Directors are appointed to the Committee:
| Name | Appointed | Resigned |
|---|---|---|
| David Stead | 29 October 2021 | |
| Greg Hodder (Chair) | 29 October 2021 | |
| Luke Kingsnorth | 29 October 2021 | 25 June 2024 |
| Meg Lustman | 25 June 2024 |