Page 21 - Pillar 3 Disclosure
P. 21

9. Remuneration Policy

Staff salaries (other than directors) are considered by the Executive Directors as part of the Corporate Planning process, which is subject to 

board approval. Staff bonuses are also set by the Executive Directors, with the exception of the Compliance and Conduct manager as noted 


The Society’s Remuneration Committee is responsible for determining the level of Executive Directors’ pay and benefits. The committee also 

considers the Compliance and Conduct manager’s bonus, which is proposed by the Chief Executive. The members of the committee during the 

financial year were Derek Bowden (Chairman), Andrew Wilson, Charles Tilley and Michelle Tennens.

The remuneration of Non-Executive Directors comprises only of fees. The level of Non-Executive Director fees, including Deputy Chairman and 

the Chairman of the Audit and Compliance Committee is considered and agreed annually by the Executives and the Chairman. The Chairman’s 

fee is considered and approved by the Board annually. In determining the appropriate level of fees consideration is given to the time 

commitment and responsibilities of the role and the level of fees paid in other Building Societies that are similar in size and complexity to the 


Executive Directors’ Remuneration 

The main components

Basic salary

Salaries are reviewed on an annual basis by reference to jobs carrying similar responsibilities and from external salary benchmarking data from 

the building society sector and financial services sector as well as other UK and regional salary data. This encompasses the responsibility and 

complexity of the role. Those Executive Directors who hold outside Directorships do not receive remuneration from those organisations.

Page 20

   19   20   21   22   23