FIT Remuneration Consultants LLP (FIT) act as advisers to the Remuneration Committee. FIT has no other business relationship with Legal & General other than it has its stakeholder pension arrangements with the Company. During 2011, FIT’s work with the Committee included assisting with the review of the executive remuneration structure, benchmarking and lending an external perspective.
FIT were asked to verify that the 2011 remuneration practice for executive directors followed the Remuneration Policy put to the 2011 AGM.
In conducting this work, FIT reviewed the elements of executive director remuneration during 2011, as detailed in the policy statements of the Directors’ Report on Remuneration 2010 (DRR 2010). They confirmed that they were satisfied that the remuneration practice during 2011 had been in line with the stated policy set out in the DRR 2010.