Annual Report and Financial Accounts 2010/11
Governance
6.3 Remuneration Report Remuneration Committee
The Trust operates two separate committees to make recommendations with regard to the remuneration of Executive and Non-Executive Directors.
The remuneration of Executive Directors is considered by a committee consisting of four Non-Executive Directors. Non- Executive Directors are present when the Committee determines the final salaries. They met on two occasions during the year. Its recommendations are put before the Board of Directors for approval. In 2010/11 it met on one occasion and the membership of this remuneration committee can be seen in the table on page 64.
The remuneration of Non-Executive Directors is considered by a committee made up of Governors, elected by their colleague Governors for this purpose. In 2010/11 it met on three occasions and the membership of this remuneration committee can be seen in the table on page 64.
The Committee is advised by the Chief Executive and the Director of Human Resources with regard to appropriate market rates and relativities (based on research commissioned by the Trust and usually carried out and reported upon by NHS partners), and by the Director or Finance with regard to overall affordability. The Trust Secretary is in attendance to record the proceedings.
All other senior managers’ remuneration arrangements are determined through job evaluation (currently through Agenda for Change).
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Director and senior manager remuneration does not include a performance component.
Summary and explanation of policy on duration of contracts, notice periods and termination payments.
l The current policy is that all Executive Directors are required to give/receive six months’ notice; in appropriate cases this could be varied by mutual agreement.
l All contracts are permanent in nature (i.e. not fixed term).
l There are no provisions in place for termination payments, other than through legal compromise agreements. All senior managers who are appointed on “permanent” contracts are required to give/receive three months’ notice.
l Arrangements for the termination of appointment of a Non-Executive Director are set out in the Trust’s constitution.
A Cash Equivalent Transfer Value (CETV) is the actuarially assessed capital value of the pension scheme benefits accrued by a member at a particular point in time. The benefits valued are the member’s accrued benefits and any contingent spouse’s pension payable from the scheme. A CETV is a payment made by a pension scheme, or arrangement to secure pension benefits in another pension scheme or arrangement when the member leaves a scheme and chooses to transfer the benefits accrued in their former scheme. The pension figures shown relate to the benefits that the individual has accrued as a
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