The report of the Remuneration Committee has been prepared in accordance with the requirements of the Companies Act 2006 and Schedule 8 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008. It also describes the Group’s compliance with the Combined Code on Corporate Governance in relation to remuneration. The Company is an active member of the [ABI] and the Committee, consistent with its approach of operating within the highest standards of corporate governance, takes significant account of guidelines issued by the ABI and other shareholder bodies (such as the NAPF) when setting the remuneration strategy for the Company. It also seeks to maintain an active and productive dialogue with investors on developments in the remuneration aspects of corporate governance generally and any changes to the Company’s executive pay arrangements in particular.
Terms of reference
The Committee’s terms of reference are available on our website or on request. The terms of engagement between the Company and the Committee’s independent adviser Hewitt New Bridge Street (HNBS) are available on request.
Audit
During the year the Committee undertook a self evaluation of its performance in conjunction with HNBS, the Committee’s independent adviser. The conclusion was that the Committee has operated effectively in determining and overseeing the implementation of remuneration policies and that all applicable regulatory requirements are being met.
