CORPORATE GOVERNANCE (continued)


Frequency of Remuneration Committee Meetings


The Remuneration Committee usually meets twice per financial year but met three times during 2020/21. Attendance at meetings has been as follows:


Name Matt Lewis


Geraldine Proudler Paul Pugh


28 October 2020 11 November 2020 present present present


present present


present


The Chief Officer for People and Culture attends meetings by invitation of the Committee to provide specialist knowledge and support but he is not present for any consideration of his own remuneration.


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 which is intended to:


— Support and guide the Remuneration Committee in exercising its accountability for senior pay in a responsible and equitable way, meeting the requirements of the CUC Senior Staff Remuneration Code 2018


— Ensure that individuals are paid fairly in a way that reflects relative accountabilities, job size and performance. The Policy aims to support the University’s Equality, Diversity and Inclusion objectives, including those related to Equal Pay


— 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 required to deliver University Strategy


— 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 2021- 2031 and reflect senior managers’ individual and collective performance with line of sight between UET objectives and that Strategy.


30 March 2021 present present present


Approach to Vice-Chancellor’s Remuneration The policy is that the Vice-Chancellor has an annual Performance Development Review meeting with the Chair of the Board of Governors to review performance against objectives and to discuss objectives for the next academic year. The Vice-Chancellor’s performance against agreed objectives is then assessed by the Chair of the Board and considered by the Remuneration Committee. The current Vice-Chancellor, Professor Nic Beech, took up post on 3 February 2020. In the current financial year the COVID-19 pandemic combined with the necessity of formulating the new Strategy for the University necessarily impacted on the normal process for target setting. Instead, regular meetings have taken place between the Chair of the Board and the Vice-Chancellor at which these issues have been reviewed.


The Vice-Chancellor’s salary reflects the following:


— market rate by size and complexity of institution, including total income


— market rate by geographic region — the scale and complexity of the job — comparisons with benchmarks


— performance as measured against robust objectives set by the Chair of the Board of Governors.


Approach to University Executive Team remuneration The policy is that members of the University Executive Team 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. In the current financial year the COVID-19 pandemic combined with the necessity of formulating


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Middlesex University


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