Page 60 - CCB_Full-Annual-Report-2021

60 Corporate Governance Statement
Disclosure of information to auditor
The directors who held office at the date
of approval of this directors’ report confirm
that, so far as they are each aware, there
is no relevant audit information of which
the Company’s auditor is unaware; and
each director has taken all the steps that
he/ she ought to have taken as a director
to make himself/ herself aware of any
relevant audit information and to establish
that the Company’s auditor is aware of that
information.
Auditors
The Board approved the appointment
of PwC LLP to replace KPMG LLP as the
Bank’s auditor for the financial year starting
1 January 2022. More information on
the audit tender process which has been
completed during 2021 is included in the
Audit Committee Report.
By order of the Board.
Richard Bryan
Company Secretary
12 April 2022
61
Contents
Contents
Remuneration policy Policy ii Reward is linked to employees’ behaviours
The policy is to: and values as well as achievement: the
‘how’ as well as the ‘what’;
Purpose & Objective Strategic Report
1 Attract, develop, and retain high iii Our remuneration structures are
This policy describes the approach taken performing people with the ability, straightforward; as such they
by Cambridge & Counties Bank in relation experience and skill to deliver the are transparent, communicated
to its management of remuneration and business strategy and objectives. and understood by all employees
describes how it complies with the relevant The aim is for our workforce to be and all our stakeholders;
requirements of the Financial Conduct truly representative of all sections of
Authority (FCA) remuneration code society and our customers, and for iv There is a clear link between business,
(SYSC 19D) and the Prudential Regulation each employee to feel respected and team and individual performance and
Authority (PRA) rulebook. able to give their best. The policy reward, and people can explain when
supports the Bank’s strategy on
The Board of Cambridge & Counties Bank inclusion & diversity, through fair and and why adjustments for performance Corporate Governance Statement
have been applied;
is committed to ensuring that the Bank has equal remuneration decisions;
risk-focused remuneration policies, which
v Our remuneration practices are consistent
are consistent with and promote effective 2 Offer competitive and market aligned
with and promote sound and effective risk
risk management and do not expose the remuneration packages in which fixed
management and are fully compliant with
Bank to excessive risk. salaries are the significant component
and that people, regardless of their all appropriate governance, regulatory
requirements, and codes of practice;
The purpose of this Remuneration Policy gender, are paid the same rate for the
is to clearly document the policies, same job; vi Our remuneration policies, packages
practices and procedures linked to salary,
and processes are designed to be
compensation and reward of employees. It 3 Encourage and incentivise employees affordable, consistent, and efficient,
is reviewed and approved annually by the to create sustainable results, which and do not limit the Bank’s ability to
Performance & Remuneration Committee. are consistent with strategic goals and strengthen its capital base.
appropriate risk management, and align
Policy Scope the interests of the Bank’s shareholders, Independent Auditor’s Report
customers, employees, and other Remuneration Principles
The policy relates to the remuneration of key stakeholders; The Bank will comply with the
all employees; it covers both fixed (non-
Remuneration Principles by:
variable) and variable elements of pay and 4 Drive behaviour consistent with the
reward. Fixed elements are defined as Bank’s values and the FCA Code of ∞ the Board annually reviewing the
salary, and allowances paid as a result of Conduct Handbook (COCON) so that Bank’s Remuneration Policy to ensure
contractual obligations (e.g.: car allowance, employees do what is right for the that it is consistent with the corporate
holiday pay, medical insurance, pension customer, for colleagues, the Bank, strategic plan, agreed risk appetites and
and death in service). Variable elements and other stakeholders. regulatory requirements;
consist of schemes designed to reward
performance at both the corporate, team The remuneration policy and structure ∞ using the Rolling Objectives My Plan Financial Statements
and individual level and/or long service (e.g. are consistent with the Bank’s long-term (ROMP) process to ensure that detailed
Profit share, performance bonus schemes).
strategy including the overall business performance objectives are drawn up
strategy, the risk strategy, and the Board’s and reviewed for all employees and are
Specific remuneration rules may apply risk appetite across all types of risk aligned to the Bank’s business strategy
to board members and employees, who, including credit, market, operational, including its risk management objectives
because of their function, may have a liquidity, reputational and other risks and appetite; formally linking annual
material impact on the risk profile of the identified by the Bank. salary reviews, profit share and bonus
Bank, collectively referred to as “Material payments to the overall performance
Risk Takers”.
This is achieved through the application of individuals, including achievement
of the following 6 principles which of performance objectives;
The policy also covers fees paid to non- are adhered to when designing or
executive directors. Notes to the Financial Statements
implementing any aspect of remuneration: ∞ ensuring that the Senior Management
variable pay contain specific performance
i We offer a competitive total reward metrics linked to the long-term
package that is designed to be performance of the Bank, including
motivating and compelling and is compliance and risk management
regularly reviewed against market rates; objectives;