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of remuneration arrangements, including Risk & Compliance
support in remuneration arrangements for
departing Executives. The Performance Committee report
& Remuneration Committee is satisfied
that the advice it has received has been Membership and operation
objective and independent. of the Committee
In addition, Management received
external advice, including market data The Risk & Compliance Committee
and legal counsel, from several other is chaired by Elizabeth Lockwood. Its
providers which is not considered to be members include the Chair, Patrick
material in assisting the Performance & Newberry, Michele Ibbs (Shareholder
Remuneration Committee to consider Representative), Tim Harvey‑Samuel
Directors’ remuneration. (Shareholder Representative), and the
A summary of the Bank’s remuneration Chair of the Audit Committee, Mike Peck.
policy and remuneration policy for Committee meetings are attended by
Directors is included on pages 59 to 62. members of the Executive including the
Chief Executive Officer, the Chief Risk
Reward outcomes in 2024 Officer, the Chief Financial Officer and
with other members of the Executive
The Performance & Remuneration
attending as required. The Company
Committee has reviewed the business
Secretary, or an appropriate delegate,
performance in 2024 and considered risk
acts as the secretary to the Committee.
events in conjunction with the Board Risk
The committee oversees and
& Compliance Committee, the affordability
monitors risk management within
of paying variable pay, and the associated
the firm, across all the risk categories
risk of low variable pay. After assessment of
(including compliance related risk), as
performance, the Committee has agreed to
well as reviewing and recommending
a payout of £2.6m (2023 £2.8m).
the Bank’s Risk Appetite to the full Board.
This includes receiving reports from
Highest paid Director –
2024 remuneration disclosure Management detailing performance,
including the Key Risk Indicators and
The total remuneration paid to the their outcomes, along with relevant
Bank’s highest paid Director for qualifying Internal Audit reports from Deloitte,
services as a director in the period from providers of the Bank’s outsourced
1 January to 31 December 2024 is included Internal Audit Function. In addition, the
in Note 11 to the Financial Statements. Committee provide review and approval
