41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 142
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
REMUNERATION COMMITTEE continued
Unite’s Remuneration Policy was approved by shareholders
at the 2022 AGM on 12 May 2022. The report below, save
for the minor changes identified, is as disclosed in the
2021 Directors’ Remuneration Report, which is available to
download from the Company’s website at www.unitegroup.
com/investors/reports-and-presentations:
•
References to financial years have been updated where
appropriate;
•
References to changes to the 2019 Remuneration Policy
have been removed;
•
Legacy wording around the requirement to defer a % of
annual bonus only if shareholding guidelines have not
been met has been removed from the “Shareholding
guidelines” section;
•
Pay-for-performance charts have been updated to
reflect 2023 salaries and pension contributions; and
•
In addition to the above, the Remuneration Policy for the
Executive Directors and other senior executives is based on
the following key principles:
•
A significant proportion of remuneration should be
tied to the achievement of specific and stretching
performance conditions that align remuneration with
the creation of shareholder value and the delivery of the
Group’s strategic plans, taking care to consider the needs
of all stakeholders;
•
There should be a focus on sustained long-term
performance, with performance measured over clearly
specified timescales, encouraging executives to take
action in line with the Group’s strategic plan, using
good business management principles and taking wellconsidered risks;
•
Individuals should be rewarded for success, but steps
should be taken, within contractual obligations, to
prevent rewards for failure – whether financial or
operational; and
•
Above all, executive remuneration should support
the values and culture of the Group. Pay should be
simple and easy to understand, with all aspects clear
and openly communicated to stakeholders and with
alignment with pay philosophies across the Group.
New Non-Executive Director service contract dates have
been added.
The Group aims to balance the need to attract, retain and
motivate Executive Directors and other senior executives
of an appropriate calibre with the need to be cost
effective, whilst at the same time rewarding exceptional
performance. The Committee has designed a Remuneration
Policy that balances those factors, taking account of
prevailing best practice, investor expectations and the
level of remuneration and pay awards made generally to
employees of the Group.
This section of the report sets out the policy which the
Company asked shareholders to approve at the 2022 AGM
and which came into effect from that date.
