Financial Statements 2019/2020


MIDDLESEX UNIVERSITY NOTES TO THE ACCOUNTS (continued)


Year Ended 31 July 2020 9. STAFF COSTS (continued)


Justification for the total remuneration package for the Vice-Chancellor Processes and oversight of remuneration decision


The Vice-Chancellor’s remuneration is set by the University’s Remuneration Committee.


To establish basic salary the Remuneration Committee considers pay benchmarking data in respect of heads of institutions provided annually by Universities and Colleges Employers Association (UCEA) and the Committee of University Chairs (CUC) for the UK Higher Education sector. Specific benchmarks include median and mean comparisons as well as quartile pay and total pay data for all institutions, post-92 universities and universities within a similar institutional income bracket.


The University provides to the Vice-Chancellor only benefits in kind that simply flow from being an employee of the University and that are available to all employees. The extra allowances are paid in the form of earnings.


Performance-related pay is awarded based on Vice-Chancellor’s previous year’s performance and is linked to the value delivered by Vice-Chancellor.


Justification for the level of remuneration


The University is based in London and operates within a competitive employment market of the environment of higher education sector. The University aims to recruit and retain talented individuals in professional roles with appropriate skills, experience and performance in support of the University’s strategic objectives. The remuneration packages are scrutinised by the Remuneration Committee to ensure the basic annual salaries and other earning allowances are appropriately set.


As per the Office for Students the average total remuneration of Vice-Chancellors in 2017/18 for higher education providers in the revenue range from £150m to £250m was £301k.


The Vice Chancellor’s total annual remuneration of 295k in 2019/20 is below the average (£301k in 2017/18) and the Remuneration Committee considers this amount of remuneration to be an effective use of resources as it must attract the best leader possible in order to deliver the best outcomes for students, society and the economy.


Process for judging performance


The Remuneration Committee reviews the Vice-Chancellor’s individual performance against targets agreed by Chair of Board of Governors, with a particular focus on the Vice-Chancellor’s contribution to progress in achieving the University’s strategic aims.


The consideration also includes assessment of the Vice-Chancellor’s individual performance based on the University’s senior staff appraisal scheme where the level of pay awards to other senior staff is also taken into account.


Year Ended 31 July 2020


Interim Vice-Chancellor remuneration James Kennedy: 2 September 2019 – 2 March 2020


Basic salary


Pension contribution Total remuneration


£'000 106


20 126


On 2 September 2019 James Kennedy (Chief Financial Officer) was appointed Interim Vice-Chancellor, who received a responsibility allowance of £57.1k per annum whilst performing these interim duties in addition to his annual basic salary which was £156k during the year ended 31 July 2020. James Kennedy reverted to the Chief Financial Officer role from 3 March 2020.


The pension contributions for the Interim Vice-Chancellor are in respect of employer’s contributions to the Local Government Pension Scheme and are paid at the same rate as for other employees.


Year Ended 31 July 2019


£'000 –


– –


102


Middlesex University


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