Page 61 - 86395_CCB - 2024 Annual Report (web)
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Executive Director Remuneration
The table below summarises the Executive Directors’ remuneration policy for 2025:
Element of Purpose and Link Performance
Remuneration to Strategy Operation Maximum Targets
Salary The Performance & Reviewed There is no An element of
Remuneration Committee annually prescribed maximum performance‑
is committed to adhering Takes periodic annual increase. related pay applies
to the Financial Services account of The Performance
Remuneration Code, practices & Remuneration
thus ensuring that the of financial Committee is guided
Bank has risk‑focused institutions of by the general increase
remuneration policies similar size, for the broader
Reflects skills and characteristics, employee population
experience over time and sector and on occasions may
Reflects the value of the comparators need to recognise, for
individual and their role example, an increase
Provides an appropriate level in the scale, scope, or
of basic fixed income responsibility of a role.
Avoids excessive risk taking
from over reliance on
variable income
Benefits To aid retention and Company car Not applicable Not applicable
recruitment allowance,
provision of
private medical
insurance, life
assurance and
permanent
health insurance
Pension Provides retirement benefits Defined Bank contribute 10% Not applicable
Opportunity for Executives contribution of salary provided
to contribute to their own Executives contribute a
retirement plan min 3% of salary.
Executives may request
a salary sacrifice for
the equivalent of their
personal pension
contribution. This
arrangement is also
available for other staff.
For EDs who have
exceeded their lifetime
allowance and/or
tapered allowance,
there is the option of
taking a 10% pension
allowance in cash
(taxable allowance).
Bonus Incentivises annual Paid in cash 50% of salary A combination
delivery of financial and Not pensionable of 50% company
strategic goals Recovery and 50% individual
Maximum bonus only provisions performance
payable for achieving apply in line measures with a
business and personal target with the Bank’s deferred element
Remuneration for the amounts
Policy exceeding 20%
of salary paid
over 3 years
