Our performance and pay framework is underpinned by our Group’s Remuneration Strategy and principles. The refreshed reward strategy and wider employee proposition centred on our purpose and values. The refreshed principles and supporting commitments articulate the experience for employees and provide a clear framework to create a dynamic culture where the best talent is motivated to deliver high performance. These principles are:
(1) |
We will reward you responsibly through fixed pay security and protection through core benefits, a competitive total compensation opportunity, and pay equity with a more inclusive and sustainable benefits proposition over time |
(2) |
We will recognise your success through our performance culture and routines, including feedback and recognition, pay for performance, and all employee share ownership opportunities |
(3) |
We will support you to grow through our proposition beyond pay, with a focus on future skills and development, your mental, physical, social and financial well-being, and flexibility in working practices |
The remuneration paid to NEDs and EDs is subject to annual review in accordance with the remuneration framework of the Bank.
The level of fees paid to NEDs is determined with reference to the Directors’ responsibilities and commitment, and fees paid by comparable institutions. No equity-based remuneration with performance-related elements is granted to INEDs by the Bank to ensure their objectivity and independence.
As regards Executive Directors ("EDs"), the following factors are considered when determining their remuneration packages:
 |
balanced scorecard of relevant financial and non-financial objectives including appropriate risk and compliance objectives, differentiated by performance |
|
general business and economic conditions |
|
changes in appropriate markets such as supply/demand fluctuations and changes in competitive conditions |
|
individual contributions to the Bank |
|
right behaviours aligned with the Group values, culture and conduct expectation |
|
retention consideration and individual potential |
No individual Director will be involved in decisions relating to his/her own remuneration.