The Company’s remuneration strategy is to provide remuneration packages that attract, retain and motivate high-calibre individuals to deliver superior operational performance and outstanding financial results, in a manner that aligns with the Group’s core values and Business Code of Conduct and fosters sustainable, profitable growth. To do so, packages must:
- be aligned to shareholders’ interests;
- be competitive;
- encourage a focus on long-term, sustained performance and risk management;
- be fair and transparent; and
- be consistent across the Group.
To achieve the strategy, the policy for the remuneration of executive directors and senior executives includes:
- setting base salary around the market median;
- rewarding stretching, superior performance with upper quartile levels of reward;
- providing an appropriate balance between reward in the short and the long term, and between reward that is fixed and variable; and
- providing a competitive, balanced package of benefits.
The Committee takes into account the general pay and employment conditions of other employees of the Company when determining executive directors’ remuneration for the relevant financial year. This includes considering the levels of base salary increase for employees below executive level when reviewing executive base salaries, and ensuring that the same principles apply in setting performance targets for executives’ incentives as for other employees of the Group.
It is the intention to retain the policy referred to above in the forthcoming year.