41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 140
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
REMUNERATION COMMITTEE continued
Engaging with our employees on executive remuneration
In November 2022, our Designated Non-Executive Director for Workforce Engagement, the Group People Director and
the Committee’s independent advisor facilitated a discussion at the Culture Matters employee forum on the topic of
remuneration. The session touched on the structure, role and remit of the Remuneration Committee at Unite and how
current performance measures and overall pay policy help to support our strategy and values. Additionally, the forum was
given an introduction to how pay practices for Executive Directors are aligned with those across the broader employee
population (with reference to the table on page 137), with a subsequent discussion around some of the main differences –
for example, the weighting on short- vs. long-term performance and the balance of financial and non-financial measures at
different levels of the organisation. Throughout the session, forum members were invited to provide comments, questions
and input, and there followed a constructive conversation around the role of remuneration at Unite.
The Remuneration Committee was apprised of the session at its December meeting, and discussed some of the main
themes arising and possible follow-on actions. As an example, forum members had queried why there are currently no
explicit measures in either the short- or long-term incentive around the value of “Keeping us safe”. Given the importance
of health, safety and wellbeing to the Group, the Committee continues to believe that such metrics should form part of
its discretionary assessment of overall performance, and inform whether any downwards discretion should be applied to
formulaic outcomes. Taking on board the feedback from the employee forum, we have included some commentary in the
section on the 2022 annual bonus (see page 152) around how the Committee has considered this matter in confirming bonus
outcomes this year.
The Committee is pleased with the feedback received from the employee forum and the insights gained from the session.
We are keen to build further on this engagement during the forthcoming year, and have committed to reviewing relevant
sections of the Directors’ Remuneration Report with the forum at a meeting later in 2023.
How remuneration supports our strategy
Captured in…
2023 incentive measures
Earnings Per Share (EPS)
Total Accounting Return (TAR)
Loan To Value (LTV)
Strategic objectives supported
Annual bonus
LTIP
Delivering for our
customers and Attractive returns
universities
for shareholders
Absolute
Relative
Total Shareholder Return (TSR)
A responsible and
resilient business
Relative
Customer satisfaction
University reputation
Employee engagement
GRESB rating
EPC Ratings
Operational energy intensity
