This page contains a Flash digital edition of a book.
110


John Lewis Partnership plc Annual Report and Accounts 2015


Remuneration Committee report


DURING THE YEAR THE REMUNERATION COMMITTEE FOCUSSED ON THE SENIOR REWARD REVIEW AND THE ANNUAL PAY REVIEW FOR THE CHAIRMAN AND EXECUTIVE DIRECTORS.


Denis Hennequin Non-Executive Director and Chair of the Remuneration Committee


Role of the Committee


The Remuneration Committee has oversight of the application of the pay policy to executive remuneration. The Committee operates in accordance with its terms of reference that are available at www.johnlewispartnership.co.uk.


The policy aims to attract, retain and motivate executive management of the quality required to run the Partnership successfully without paying more than is necessary, and informed by market rate information.


As well as submitting a recommendation on the Chairman’s pay to the Partnership Board and setting the pay of the Partnership’s Executive Directors, this year the Remuneration Committee has:


a Reviewed and agreed a new pay benchmarking methodology for members of the Chairman’s Committee, the Partners’ Counsellor, Directors reporting to the Chairman and divisional Management Boards through the Senior Reward Review. The review also made changes to the benchmarking approach for the wider senior management group within the Partnership;


a Reviewed the structure of senior remuneration, agreeing to rebalance the value of pension and basic salary within the total reward package for the Executive Directors;


a Approved the remuneration for the new General Counsel and Company Secretary.


The agenda for each meeting is approved by the Committee Chairman and each Committee member has the right to request reports on matters of interest.


Meetings and attendance


There have been six Remuneration Committee meetings during the year and Directors’ attendance at those meetings is shown in the table below.


Denis Hennequin David Barclay* Steve Gardiner Baroness hogg Kim lowe


*


5 - 6 5 6


David Barclay retired prior to the first meeting of the Committee during the year under review.


Under the Terms of Reference of the Remuneration Committee, Non-Executive members take no part in the deliberations with regard to Non-Executive remuneration and therefore Denis Hennequin and Baroness Hogg were only eligible to attend five Remuneration Committee meetings.


Committee members Members at the date of this report:


Denis Hennequin (Chair), Steve Gardiner, Baroness Hogg and Kim Lowe.


Changes in Committee membership: Denis Hennequin was appointed Chair of the Remuneration Committee from 1 March 2014, succeeding David Barclay who retired from the Board and as Chair of the Remuneration Committee on 28 February 2014.


Quorum


Two members, to include one Non-Executive Director and one Elected Director. When approving the remuneration of Non-Executive Directors, the quorum is two Elected Directors.


Committee composition at date of this report


Directors 2


Elected


Non-Executive Directors


2


In a nutshell...


The Remuneration Committee oversees how the pay policy is applied to the Chairman, Executive Directors, Non-Executive Directors and the Partners’ Counsellor. It comprises two Non-Executive Directors and two Elected Directors.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150  |  Page 151  |  Page 152  |  Page 153  |  Page 154  |  Page 155  |  Page 156  |  Page 157  |  Page 158  |  Page 159  |  Page 160  |  Page 161  |  Page 162  |  Page 163  |  Page 164  |  Page 165  |  Page 166  |  Page 167  |  Page 168  |  Page 169  |  Page 170  |  Page 171  |  Page 172  |  Page 173  |  Page 174  |  Page 175  |  Page 176  |  Page 177  |  Page 178  |  Page 179  |  Page 180  |  Page 181  |  Page 182  |  Page 183  |  Page 184