Strategic Report
Governance Report
Financial Statements
Other Information
Summary of remuneration elements for Executive Directors for FY25
Element
Purpose
Detail
Maximum
Base salary
Provides fixed remuneration at an appropriate level to attract and retain talent.
Individual levels of base salary are reviewed annually with any increases effective from 1 July, unless there are any exceptional reasons for increases at another time of the year. Executive Directors receive a pension contribution from the Company equal to 6% of salary, which can either be paid into the Group’s defined contribution pension scheme, paid into an alternative pension scheme, or taken in cash (in part or in full). Executive Directors receive benefits including private medical insurance, income protection insurance, life assurance, critical illness insurance, as well as an annual health assessment. Award value determined by performance achieved against financial and non-financial performance measures agreed by the Remuneration Committee. One-third of annual bonus is deferred into parent company shares which vest in three equal portions at 12, 24 and 36 months from grant. Malus and clawback provisions apply to annual bonus awards under the Group’s malus and clawback policy. Executive Directors may be considered for performance-based LTIP awards. Awards vest after three years subject to meeting performance targets determined at grant. The performance metrics applicable to awards proposed to be granted in Q1 of FY25, are: FY27 underlying diluted EPS – 50% of overall opportunity FY25 to FY27 FUM Growth – 35% of overall opportunity ESG-related performance metrics – 15% of overall opportunity The Remuneration Committee may apply different measures and weightings for future awards under the plan. Post-vesting, recipients are required to hold the shares, net of any sales to settle income tax and National Insurance contributions that may be due on vesting, for a further two years. This will create further long-term alignment with shareholders’ interests by creating a combined vesting and holding period of five years. Malus and clawback provisions apply under the Group’s malus and clawback policy.
Benchmarked against relevant market levels.
Pension
To aid retention of key talent.
6% of base salary.
Benefits
To provide valued benefits to the individual.
In line with Group Policy.
Annual bonus
Rewards annual Group and personal performance and aligns reward with longer-term performance and shareholder outcomes through deferral into shares.
150% of base salary.
LTIP
Rewards performance over the long term.
Up to 200% of base salary (£ face value of shares at grant).
In accordance with the 2018 Corporate Governance Code, the Committee has ensured that the remuneration structure above is clear, transparent, and predictable, given that the maximum opportunity of variable pay is capped. The annual bonus metrics and deferral have been kept simple and easy to measure.
Brooks Macdonald Group plc Annual Report and Accounts 2024
95
Made with FlippingBook - professional solution for displaying marketing and sales documents online