The Committee comprises all the Non-Executive Directors, all of whom are considered to be independent. The Committee discharges its responsibilities through a series of scheduled meetings throughout each year, with each meeting having a formal agenda.
The Committee is supported by a strong Secretariat function and has the full support and advice of the Company Secretary at all times, ensuring it is kept up to date with all recommended guidance, and that it reviews and implements such guidance as appropriate.
The role of the Committee is to determine all aspects of Executive Director pay, ensuring that the remuneration framework both attracts and retains leaders who are appropriately incentivised to deliver the Group’s strategy, aligning with the interests of members and promoting the long-term success of the Group for the benefit of its stakeholders as a whole.
The Committee also reviews workforce remuneration and related policies and ensures alignment of its rewards with culture. It also monitors pay arrangements for other senior executives and oversees the operation of all share plans.
The full role and responsibilities of the Committee are set out in its latest Terms of Reference which can be found here, in the Useful Documents section of our Website. The Terms of Reference are reviewed each year to ensure they remain appropriate and any relevant updates are made accordingly.
To find out more about the activities of the Remuneration Committee during the latest financial year, you can read the full Report on Remuneration in the relevant published Annual Report and Accounts.