Remuneration Committee report
Introduction
• Monitoring of external developments and remuneration trends in the wealth sector and assessing their impacts on the Group. • Review and adjustment of the composition of performance measures within executive incentive arrangements to ensure alignment with the Group’s strategic priorities. Further details of executive director annual bonus and long-term incentive plan (“LTIP”) performance measures are provided later in this report. • Engaging with major shareholders on executive director remuneration design. • Examination of the Group’s gender strategy initiatives, gender pay gap attribution factors and equal pay analysis. • Oversight of remuneration arrangements for the Group’s legal entities under strategic review and workforce reduction initiative during the FY24 reporting period. • Reviewing the performance outcomes and remuneration alignments of the Group’s performance management approach, including the consideration and approval of annual bonus risk adjustments. • Approval of all Executive Director salary adjustments, annual bonuses and share awards. • Assessment and approval of all annual bonus and LTIP performance criteria. • Approval of new hire remuneration packages, severance packages and ongoing incentive funding arrangements for the Group’s Executive Committee, Material Risk Takers (“MRTs”), Senior Managers in control functions and high earners as defined under the Remuneration Committee Terms of Reference. • Approval of the FY2023 Directors’ Remuneration Report. • Direct engagement with the workforce re: remuneration perceptions via non- executive director hosted ‘skip-level’ meetings.
On behalf of the Remuneration Committee and the Board, I am pleased to present the Directors’ remuneration report for the financial year ended 30 June 2024, which contains the Annual Remuneration Report (describing both the remuneration paid to directors during the year ended 30 June 2024, and the intended implementation of the policy for the year ending 30 June 2025), and the Directors’ Remuneration Policy. The Annual Remuneration Report describes how the policy has been put into practice over the past year, providing a detailed account of each Director’s total remuneration and explaining how these outcomes appropriately align to the Group’s pay for performance philosophy. This year, the Annual Report on Remuneration includes the remuneration arrangements for Andrew Shepherd, who in June, announced his intention to retire from the Group and for Andrea Montague, who was appointed CEO Designate from 1 July 2024. The Directors’ Remuneration Policy sets out the framework within which Executive Directors are paid. Activities of the Committee During the reporting period the Remuneration Committee reviewed, monitored and oversaw the effective implementation of the Group’s remuneration policies, ensuring the continued alignment of remuneration outcomes with customer, risk, and shareholder outcomes through appropriate remuneration design and ongoing examination of its operation.
As we have navigated significant change in our business and in our industry, our remuneration policy has ensured we continue to deliver outstanding outcomes for our clients, our people, and our shareholders.” John Linwood Remuneration Committee Chair
Key activities of the Committee during the year have included:
78 Brooks Macdonald Group plc Annual Report and Accounts 2024
Made with FlippingBook - professional solution for displaying marketing and sales documents online