Page 60 - CCB_Annual Report_2022

60 Corporate Governance Statement
necessary to enable the preparation
of financial statements that are free
from material misstatement, whether
due to fraud or error, and have general
responsibility for taking such steps as are
reasonably open to them to safeguard the
assets of the Company and to prevent and
detect fraud and other irregularities.
Under applicable law and regulations,
the directors are also responsible for
preparing a Strategic Report and a
Directors’ Report that complies with that
law and those regulations.
The directors are responsible for the
maintenance and integrity of the
corporate and financial information
included on the Company’s website.
Legislation in the UK governing the
preparation and dissemination of financial
statements may differ from legislation in
other jurisdictions.
61
Fair, balanced, and understandable Remuneration policy
The Board has ultimate responsibility for
reviewing and approving the annual report.
In voluntarily adopting the principles of the Purpose & Objective Policy
Code that are considered appropriate for the This policy describes the approach taken The Bank’s policy is to:
Bank, the directors confirm that they consider by Cambridge & Counties Bank in relation
that the annual report, taken as a whole, is fair, to its management of remuneration and 1 Attract, develop and retain high
performing people with the ability,
balanced, and understandable and provides the describes how it complies with the relevant experience and skill to deliver the
information necessary for the shareholders to requirements of the Financial Conduct business strategy and objectives.
assess the company’s position, performance, Authority (FCA) remuneration code The aim is for our workforce to be
business model and strategy. When arriving (SYSC 19D) and the Prudential Regulation truly representative of all sections of
at this conclusion the Board was assisted by a Authority (PRA) rulebook. society and our customers, and for
number of processes including:
The Board of Cambridge & Counties Bank each employee to feel respected and
The annual report is drafted and is committed to ensuring that the Bank has able to give their best. This policy
comprehensively reviewed by appropriate risk-focused remuneration policies, which supports the Bank’s strategy on
senior management with overall are consistent with and promote effective inclusion & diversity, through fair and
coordination by the CFO. risk management and do not expose the equal remuneration decisions.
A verification process is undertaken to Bank to excessive risk. 2 Offer competitive and market aligned
ensure factual accuracy, with additional The purpose of this Remuneration Policy remuneration packages in which
review of compliance with content and is to document clearly the policies, fixed salaries are the significant
disclosure requirements by the Bank’s practices and procedures linked to salary, component and that people,
General Counsel; and compensation and reward of employees. regardless of their gender, are paid
It is reviewed and approved annually by the the same rate for the same job
The annual report is reviewed by the Bank
senior management including the CFO, CRO, Performance & Remuneration Committee. 3 Encourage and incentivise employees
the Bank’s Executive Committee and the Audit Policy Scope to create sustainable results, which
Committee prior to approval by the Board. are consistent with strategic goals
This policy relates to the remuneration and appropriate risk management,
Disclosure of information to auditor
of all employees; it covers both fixed and align the interests of the Bank’s
The directors who held office at the date (non-variable) and variable elements of pay shareholders, customers, employees
of approval of this directors’ report confirm and reward. Fixed elements are defined as and other key stakeholders
that, so far as they are each aware, there is salary, and allowances paid as a result of 4 Drive behaviour consistent with the
no relevant audit information of which the contractual obligations (e.g. car allowance, Bank’s values and the FCA Code of
Company’s auditor is unaware; and each holiday pay, medical insurance, pension Conduct Handbook (COCON) so that
director has taken all the steps that he/ and death in service). Variable elements employees do what is right for the
she ought to have taken as a director to consist of schemes designed to reward customer, for colleagues, the Bank
make himself/ herself aware of any relevant performance at both the corporate, team and other stakeholders
audit information and to establish that the and individual level (e.g., Profit share,
Company’s auditor is aware of that information. performance bonus schemes). The remuneration policy and structure
are consistent with the Bank’s long-term
Specific remuneration rules may apply
Auditors strategy including the overall business
to board members and employees, who,
Pursuant to section 487 of the Companies because of their function, may have a strategy, the risk strategy and the risk
appetite across all types of risk such as
Act 2006, the auditor will be deemed to be material impact on the risk profile of the credit, market, operational, liquidity,
reappointed and PricewaterhouseCoopers LLP Bank (collectively referred to as “Material reputational and other risks identified by
will therefore continue in office. Risk Takers”). The method through which the Bank.
the Bank determines Material Risk Takers
By order of the Board.
is set out in Appendix 1 of this policy
statement (the “Identification of Material
Risk Takers”).
It also covers fees made to
non-executive directors.
Richard Bryan
Company Secretary
30 March 2023