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The choice of the performance metrics Remuneration policy for
applicable to the annual bonus scheme Non-Executive Directors
reflects the Board’s belief that any incentive All Non‑Executive Directors are appointed
compensation should be appropriately for an initial term of 36 months and may be
challenging and tied to the delivery of the terminated by either party upon 3 months’
defined financial and risk management written notice. Non‑Executive fees are set
objectives, along with specific individual in line with the policy in the table below.
objectives. An element of deferral applies to Non‑Executive Directors are not eligible to
the Executive Directors’ bonus scheme. participate in any of the benefits provided
Benefits offered to Executive
Directors apply from the commencement to employees or Executive Directors except
for private medical insurance.
of employment.
Element of Purpose and Link Performance
Remuneration to Strategy Operation Maximum Targets
Fees Reflects time commitments Cash fee paid There is no prescribed Non‑Executive
and responsibilities of Reviewed on an maximum annual Directors do
each role annual basis increase. All increases not participate
Reflects fees paid by NED fees are are guided by market in variable pay
financial institutions of considered and rates and the general elements
similar size, characteristics, approved by the increase for the
and sector comparators Shareholders Executive Director
and Chair population
Chair fees are NEDs who chair Board
approved by Committees receive an
Performance & additional responsibility
Remuneration allowance of £6k
Committee The Senior
Independent Director
receives an additional
responsibility
allowance of £6k
