Financial Statements 2019/2020
Approach to Remuneration
The Committee applies a strong, evidence-based ethos to its discussions. The Committee works within the parameters of the Remuneration Policy, which is determined by the Board and intends to:
— Give confidence that the Remuneration Committee is exercising its accountability for senior pay in a responsible and equitable way
— Ensure that individuals are paid fairly in a way that reflects relative accountabilities, job size and performance
— Offer rates of pay that enable the University to secure, retain and engage high calibre and high performing leaders with the skills, knowledge, experience and attributes we require
— Ensure that remuneration is proportionate to wider pay rates within the sector, whilst taking into account the need to demonstrate responsible investment of public monies
— Ensure that the University’s reward arrangements underpin the delivery of the University Strategy 2017-22.
Approach to Vice-Chancellor’s Remuneration
The current Vice-Chancellor, Professor Nic Beech, took up the post at Middlesex University on 3 February 2020.
At its meeting in October 2019 the Remuneration Committee considered a number of issues to form a framework for a remuneration package for the new Vice-Chancellor including basic salary, pension, performance related pay/ bonus, relocation costs. Other considerations such as car, car allowance, accommodation, private medical insurance, and end of term sabbaticals were not considered to be in scope for a Middlesex candidate.
The Vice-Chancellor’s Appraisal and Performance Review is conducted by the Chair of the Board, following consultation with the other independent members of the Remuneration Committee.
The Vice-Chancellor’s objectives are recommended by the Chair of the Board in consultation with Committee members. A report on the Vice-Chancellor’s performance against agreed objectives is completed by the Chair of the Board and then considered by the Remuneration Committee. The Vice-Chancellor’s incoming salary reflected the following considerations:
— Market rate by size and complexity of institution, including turnover
— Market rate by geographic region — Relative costs of living — Sector norms and salary/pension trends. Details of remuneration for the year ended 31 July 2020 are set out in note 9 of the Financial Statements.
Approach to University Executive Team remuneration
Members of the University Executive Team (UET) have an annual Performance Development Review meeting with the Vice-Chancellor to review performance against objectives and to agree objectives for the next academic year. The Committee reviews and agrees the remuneration for each member of UET based on information provided by the HR Director following the appraisal process and within the parameters of the Remuneration Policy (as agreed in November 2017). In reaching its decisions on remuneration packages for individual Executive members of staff the Committee take into account:
— Performance against objectives — Sustained performance over time — External benchmarks and comparators — Affordability.
External Appointments
The Vice-Chancellor and senior staff contracts include a requirement for exclusivity of service which means that staff are not permitted to take on work with or for any organisation other than the University without permission. The Vice-Chancellor does not receive income from any external bodies.
Expenses
All expenditure for and by the Vice-Chancellor is wholly and exclusively for approved University business with the aim of enhancing the outcomes for students and staff.
Governance, Nominations and People Committee
The Governance, Nominations and People Committee’s role is to oversee the appointment of the Governors, the chairing and membership of committees, the effectiveness of the University’s governance arrangements, and the effectiveness of the University’s people strategies, and to make recommendations to the Board or act with delegated decision-making powers from the Board.
Attendance at Governance, Nominations and People Committee meetings has been as follows:
Name Geraldine Proudler
Marianne Neville-Rolfe
Martin Taylor Matt Lewis
James Kennedy
21 October 2019
present apologies
present present present
13 January 2020
present present
present present present
8 June 2020
present present
present present present
Middlesex University
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