Louise Hardy

Louise Hardy

Chair of the Remuneration Committee


Role of the committee

The full responsibilities of the Committee are set out in its Terms of Reference which are available on the link below.

Download the Remuneration Committee Terms of Reference

The Remuneration Committee is responsible for the Company’s remuneration policy, determines the levels of remuneration for the Executive Directors and the Chairman and recommends and monitors the remuneration of members of Senior Management. The Remuneration Committee will also report annually on its activities and present an annual remuneration report to be approved by the members of the Company at the annual general meeting.

 

Remuneration policy

The aim is to provide pay packages that will:

  • Promote the long-term success of the Company.
  • Encourage and support a high performance culture.
  • Reward delivery of the Company’s business plan and key strategic and operational goals.
  • Motivate and retain industry leading employees.
  • Attract high quality individuals to join the Company.
  • Align employees’ interests with the interests of shareholders and other external stakeholders.

Committee membership and meetings

The Remuneration Committee will normally meet no less than twice a year.

The Remuneration Committee is chaired by Moni Mannings and its other members are Ron Marsh, Paul Dean, Mark Hammond and Louise Hardy. The UK Corporate Governance Code recommends that all members of the Remuneration Committee be non-executive directors, independent in character and judgement and free from any relationship or circumstance which may, could or would be likely to, or appear to, affect their judgement. The Board considers that the Company complies with the requirements of the UK Corporate Governance Code in that regard.

Responsibilities

  • Determine and agree the framework or broad policy for the remuneration (including pension rights and any compensation payments) of the Company's Chief Executive Officer, Chairman, the executive directors, the Company Secretary and such other members of senior management as it is designated to consider.
  • Review the ongoing appropriateness and relevance of the remuneration policy
  • Take responsibility for establishing the selection criteria, selecting, appointing and setting the terms of reference for any remuneration consultants who advise the Committee
  • Review and note annually the remuneration trends across the Company or Group
  • Approve the design of, and determine targets for, any performance related pay schemes operated by the Company and approve the total annual payments made under such schemes (in accordance with the UK Corporate Governance Code)
  • Oversee any major changes in employee benefits structures throughout the Company or Group