roles and responsibilities
The Remuneration Committee is responsible for determining the approach to and all elements of remuneration including incentive schemes for the executive directors, other members of the Group Executive Committee, the company secretary and the chairman of the board.
It also agrees, with the board, the framework and policy for the remuneration of other senior managers of the Group.
In considering decisions it takes into account the Group’s need to attract, retain and incentivise executive talent, any legal or regulatory requirements, the relevant provisions of the UK Corporate Governance Code, investor expectations and market practice as well as the pay policies and practices throughout the Group.
The Remuneration Committee regularly reviews the underlying incentive schemes. Our scheme rules are in line with best practice in the UK and have been updated to reflect provisions of the 2018 UK Corporate Governance Code, in particular provisions relating to the discretionary powers of the committee. When determining incentive plan outcomes, the committee may adjust the formulaic outcome taking into account wider company and individual performance. No individual determines their own remuneration.