41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 143
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
OTHER INFORMATION
Policy table
Function
Operation
Opportunity
Performance metrics
Base salary
Base salaries are reviewed
from time to time, with
reference to salary levels for
similar roles at comparable
companies, to individual
contribution to performance;
and to the experience of
each Executive.
Any base salary increases are applied
in line with the outcome of the review
as part of which the Committee also
considers average increases across
the Group.
None
All Executives are either
members of The Unite Group
Personal Pension scheme
or receive a cash pension
allowance.
Existing Executive Directors receive a
Company pension contribution or an
equivalent cash allowance. Company
contribution levels will be reduced from
1 January 2022 and 1 January 2023 to
an equivalent of up to 14% and 11% of
salary respectively.
To recognise the
individual’s skills
and experience
and to provide
a competitive
base reward.
Pension
To provide an
opportunity for
executives to build
up income upon
retirement.
Benefits
To provide non-cash
benefits which are
competitive in the
market in which the
executive is employed.
SAYE
To encourage the
ownership of shares
in Unite.
Salary is the only element
of remuneration that is
pensionable.
In respect of existing Executive Directors,
it is anticipated that salary increases will
generally be in line with those of salaried
employees as a whole. In exceptional
circumstances (including, but not limited
to, a material increase in job size or
complexity) the Committee has discretion
to make appropriate adjustments to
salary levels to ensure that they remain
market competitive.
None
For future Executive Director
appointees, the maximum Company
pension contribution will be aligned to
that offered to a majority of employees
across the Group in percentage of salary
terms (currently 11% of salary).
Executives receive benefits
which consist primarily of
the provision of a company
car or a car allowance, and
private health care insurance,
although can include any such
benefits that the Committee
deems appropriate.
Benefits vary by role and individual
circumstances; eligibility and cost is
reviewed periodically.
An HMRC approved scheme
whereby employees (including
Executive Directors) may save
up to the maximum monthly
savings limit (as determined
by prevailing HMRC guidelines)
over a period of three years.
Options granted at up to a
20% discount.
Savings are capped at the prevailing
HMRC limit at the time employees are
invited to participate.
None
The Committee retains the discretion
to approve a higher cost in certain
circumstances (e.g. relocation) or in
circumstances where factors outside
the Company’s control have changed
materially (e.g. increases in insurance
premiums).
None
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