Directors’ Remuneration Policy Report (unaudited)
The following section sets out our Directors’ Remuneration Policy (the “Policy”). This Policy will apply to payments made from the next AGM of the Company which will be held on 25 November 2015.
The main aim of the Company’s Policy is to align the interests of Executive Directors with the Company’s strategic vision and the long-term creation of shareholder value. The Company aims to provide returns to shareholders through both organic and acquisitive growth. The Policy is intended to remunerate our Executive Directors competitively and appropriately for effective delivery of this and allows them to share in this success and the value delivered to shareholders. The Policy is based on a broad set of remuneration principles:-
• Promote shareholder value creation • Support the business strategy • Promote sound risk management • Ensure that the interests of the Directors are aligned with the long-term interests of shareholders • Deliver a competitive level of pay for the Directors without paying more than is necessary to recruit and retain individuals • Ensure that the Executive Directors are rewarded for their contribution to the success of the Group and share in the success delivered to shareholders and
• Motivate the Directors to deliver enhanced sustainable performance
Executive Directors’ Remuneration Policy The table below sets out the various elements of Executive Directors’ compensation and how each element operates, as well as the maximum opportunity of each element and any applicable performance measures.
Element of remuneration Purpose and link to strategy
Basic salary
To provide a competitive base salary for the market in which the Company operates to attract, motivate and retain Executives with the experience, capabilities and ambition required to achieve the Group’s strategic aims.
Operation
Salaries are usually reviewed annually.
Maximum opportunity Performance measures
No overall maximum has been set under the Policy. However, salaries are determined taking into consideration a range of factors, which may include:
• Underlying Company performance
• Role, experience and individual performance
• Competitive salary levels and market forces
• Pay and conditions elsewhere in the Company
Benefits
To provide broadly market competitive benefits as part of the total remuneration package designed to attract, motivate and retain Executives with the experience, capabilities and ambition required to achieve the Group’s strategic aims.
Executive Directors currently receive health insurance for the individual and his immediate family and a car allowance.
Other benefits may be provided at the discretion of the Committee based on individual circumstances and business requirements, such as relocation expenses and an invitation to join a Save As You Earn plan.
Set at a level which the Committee deems appropriate and provides sufficient consideration of benefit based on individual circumstances.
N/A N/A
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