All remuneration matters regarding the Chairman, Executive Directors, and key members of senior management are determined by the Remuneration Committee. The Board is responsible for setting the remuneration of Non-executive Directors, with the support of independent external advisors.
You can find the highlights of the Remuneration Committee Chairman’s report here.
Our Directors’ Remuneration Policy is designed in line with the philosophy and principles that underpin remuneration for the Group as a whole. A significant proportion of Director pay is based on the delivery of stretching short and long-term performance targets, aligned with the creation of sustainable shareholder value.
The Remuneration Committee considers the level of remuneration to ensure any reward is appropriate in the context of the performance delivered and the value added for shareholders.
The Directors' Remuneration Policy was approved by shareholders at the 2022 AGM and a copy of the full policy is available in the 2021 Annual Report.
Shareholding requirements and the number of shares held by Directors on 31 December 2022 can be found in the 2022 Directors' Remuneration report.
Our Remuneration Committee receives independent advice on executive remuneration matters from Deloitte LLP. You can find the information about the remuneration consultants in the Directors' Remuneration report.
Our bonus framework captures a wide variety of measures to ensure that bonuses cannot be earned without a fully evaluated set of achievements relating to financial performance and strategic metrics.