Page 59 - 86395_CCB - 2024 Annual Report (web)
P. 59
59
Fair, balanced, and understandable Remuneration policy
The Board has ultimate responsibility
for reviewing and approving the Annual Purpose & Objective
Report. In voluntarily adopting the The Board is committed to ensuring that
principles of the Code that are considered the Bank has risk‑focused remuneration
appropriate for the Bank, the Directors policies, which are consistent with and
confirm that they consider that the promote effective risk management and do
Annual Report, taken as a whole, is not expose the Bank to excessive risk. The
fair, balanced, and understandable and Remuneration Policy clearly documents the
provides the information necessary for policies, practices and procedures linked
the shareholders to assess the Company's
to salary, compensation and reward of
position, performance, business model
employees and is reviewed the Committee.
and strategy. When arriving at this
The Bank’s policy is to:
conclusion the Board was assisted by
several processes including: 1 Attract, develop, and retain high
The Annual Report is drafted and performing people with the ability,
comprehensively reviewed by appropriate experience, and skill to deliver the
Senior Management with overall business strategy and objectives.
coordination by the CFO.
2 Offer competitive and market aligned
A verification process is undertaken to
remuneration packages in which fixed
ensure factual accuracy, with additional
salaries are the significant component.
review of compliance with content and
disclosure requirements by the Bank’s 3 Encourage and incentivise employees
General Counsel; and to create sustainable results, which
The Annual Report is reviewed by are consistent with strategic goals and
the Bank's Senior Management including appropriate risk management, and align
the CFO, CRO, the Bank’s Executive the interests of the Bank’s shareholders,
Committee and the Audit Committee prior customers, employees, and other key
to approval by the Board. stakeholders; and
4 Drive behaviour consistent with the
Disclosure of information to auditors
Bank’s values so that employees do what
The Directors who held office at the is right for the customer, for colleagues,
date of approval of this Directors’ report the Bank, and other stakeholders.
confirm that, so far as they are each aware,
there is no relevant audit information The remuneration policy and structure are
of which the Company’s auditors are consistent with the Bank’s long‑term strategy
unaware; and each director has taken all including the overall business strategy, the risk
the steps that he/she ought to have taken strategy, and the Risk Appetite across all types
as a director to make himself/herself aware of risk such as credit, market, operational,
of any relevant audit information and to capital and liquidity, reputational and other
establish that the Company’s auditors are risks identified by the Bank.
aware of that information.
Remuneration Components
Independent Auditors Remuneration at the Bank consists of two
elements: fixed and variable payments.
Pursuant to Section 487 of the
Companies Act 2006, the auditors a) Fixed Remuneration
will be deemed to be reappointed,
and PricewaterhouseCoopers LLP will The fixed element of remuneration is
therefore continue in office. determined by the job performed, its level
of complexity and responsibility, the level
of expertise and experiences required, and
the remuneration paid in the market for that
type of job. It is assessed on appointment
and is reviewed annually. Ad hoc reviews of
salary may occur if there is a major change
in responsibilities or benchmarking shows
Richard Bryan
Company Secretary salary is significantly lower than market
27 March 2025 rate. In all cases, any ad hoc review must be
supported with a business case.
