How will the Remuneration Policy be implemented in the year ending 31 May 2023? Executive Directors’ base salaries
No increase was applied to the outgoing CEO’s base salary for the year ending 31 May 2023. As set out later in this report and in the Committee Chair’s introduction, the incoming CEO was appointed on a base salary of £500,000, which is consistent with the market benchmark range for this role, and was set at this level in order to secure the recruitment of the new CEO, who had a significantly higher salary than this in his previous role. As set out in the Committee Chair’s introduction, the base salary of the Chief Financial Officer is below the market level for comparable roles and a base salary increase of approximately 3% pts above the level of the workforce was awarded effective from 1 June 2022. This is the second stage of planned increases that were explained in our Remuneration Report last year. These increases are intended to bring the salary for this role to a level which is more appropriate and sustainable given the size and complexity of the Group. The table below details the Executive Directors’ salaries as at 31 May 2022 and salaries which took effect from 1 June 2022:
Base salary at 31 May
Base salary at 1 June 2022
2022 £000 465 n/a 308
£000 % change
465 500 333
0% n/a 8%
Outgoing Chief Executive Officer – Adam Palser 1 Incoming Chief Executive Officer – Mike Maddison
Chief Financial Officer – Tim Kowalski
1 B ase salary used in relation to Adam Palser’s contractual 12 month notice period that commenced on the date of announcement, 9 May 2022. See page 115 for further details in relation to leaving arrangements of Adam Palser.
Pension Pensions will remain aligned with the level for other colleagues.
Non-Executive Directors’ fees In line with the current Policy, Non-Executive Director fees are reviewed annually. The last increase was applied on 1 June 2022, and following the annual review in 2022, fees were increased as set out in the table below:
FY 2022/23
FY 2021/22
£154,500 £150,000
Chair fee (excluding travel allowance of £8,200)
£51,500
Non-Executive Director base fee (excluding travel allowance of £4,750)
£50,000
Supplemental fees for additional responsibilities: SID
£10,000 £11,000 £11,000 £8,000 £11,000
£10,000 £10,000 £10,000
Audit Committee Chair
Remuneration Committee Chair Cyber Security Committee Chair
n/a 1
Designated NED for colleague engagement
£5,000
1 N o fee was paid in FY 2021/22 for chairing the Cyber Security Committee as this role was performed by the Company Chair. A supplemental fee has been introduced as the Chair of this Committee is no longer the Company Chair. No change will be made to the travel allowance. These changes result in the following total fees as at 1 June 2022:
As at 1 June
As at 1 June
2022 £000
2021 £000
Annualised fees (inclusive of travel allowance of £8,200 for the Chair and £4,750 for other Non-Executive Directors which was waived in 2020/21)
163
Chris Stone
158
77
Chris Batterham
75 65
–
Jonathan Brooks (stepped down from the Board on 27 January 2022)
75 56 56 67
Julie Chakraverty (joined the Board on 1 January 2022)
–
Mike Ettling
55
Lynn Fordham 1 Jennifer Duvalier
–
60
1 Lynn Fordham was appointed on 1 September 2022. The figure in the table is her normal fee rate for a full year.
NCC Group plc — Annual report and accounts for the year ended 31 May 2022
119
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