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Non‑Executive Directors receive a ii. Additional Bonus Schemes: As part of
fixed fee for their services, which is made the Bank’s attract and retain strategy,
up of a basic fee and an additional amount Performance & Remuneration
for chairing committees. They are not Committee occasionally grant one‑
entitled to any elements of variable pay, or off bonus schemes. These are always
other employee benefits such as pension linked to achievement of business
provision, except for private medical plans and are discretionary based on
insurance. Their fees are reviewed regularly achievement of pre‑agreed objectives
in line with market benchmarking. and criteria.
b) Variable Remuneration
Malus and Clawback Provisions
The Bank has a maximum fixed to The Board has the discretion to reduce
variable remuneration ratio of 1:1. and/or cancel variable remuneration in
There are three schemes that make up appropriate circumstances. Appropriate
variable remuneration:
circumstance could include but are not
i. Annual Profit Share & Performance limited to:
Bonus schemes: The profit share/ a material misstatement of the
performance bonus structure is for financial results;
all employees up to and including
Executive Directors and comprises error in the assessment of any
of three schemes: performance metric or condition;
– Profit Share; the fact that any information used to
– Sales’ Bonus; and determine the quantum of a variable
– Senior Leadership Plan. remuneration amount based on error, or
inaccurate or misleading information;
The purpose of these schemes is to
motivate and reward high performers action or conduct of an individual which
who significantly contribute to amounts to serious misconduct or gross
sustainable results and perform negligence; and/or
according to set personal objectives events or behaviours which led to the
and behavioural expectations. censure of the Bank or reputational
The Senior Leadership Plan contains damage to the Bank.
a four‑year deferred payment clause.
