The structure of remuneration for employees, directors and Co-founders comprises a combination of fixed and variable pay made up of salary, an annual discretionary cash bonus or share of profits.
The firm’s total bonus pool is set and allocated on a discretionary basis by the Board. The firm does not have a separate Remuneration Committee, and the Board considers the current structure to be appropriate based on the principal of proportionality given:
(i) the low risk nature of the firm’s business; (ii) the small size of the firm and clear visibility of behaviour and contributions to the organisation that is available to the Board; and (iii) the transparency to the Board of the process for determining remuneration and its outcome.
The remuneration policy is designed to reward competitively the achievement of long- term sustainable performance, regardless of gender, ethnicity, age, disability or any other factor unrelated to performance or experience.
Bonuses are determined based on a combination of individual performance, the firm’s performance and seniority at the conclusion of the firm’s appraisal exercise.
In addition to base salary and discretionary bonuses, all employees benefit from an auto-enrolment pension scheme.