Governance Report Remuneration Report continued Policy table for Executive Directors The table below sets out the core components of the remuneration package for Executive Directors and explains the purpose of each element and how it furthers the strategy of the Group. The table also summarises the operation of each element and its performance conditions (where relevant), the maximum reward opportunity and the relevant performance metrics. Purpose and Maximum Performance Element link to strategy Operation opportunity assessment Base salary A fixed element of the Salary is reviewed annually Annual increases will An individual’s Executive Directors’ and otherwise by exception. ordinarily be in line with performance is one remuneration, Takes into account the role awards to other people of the intended to provide a performed by the individual within the Group. considerations in base level of income. and information on the rates Consistent with other determining the level of pay for similar jobs in roles within the Group, of annual increase companies of comparable other specific in salary. size and complexity. Salary adjustments may be is typically below market made to take account of rates. any changes to individual circumstances, such as an increase in scope and responsibility, an individual’s development and performance in the role and any realignment following changes in market levels. Benefits A fixed element of the Benefits such as insurance, Benefits are set at a n/a Executive Directors’ fully-expensed level which the remuneration, transportation, private Nomination and intended to attract, medical insurance and life Remuneration retain and motivate assurance may be paid to Committee considers to them, whilst remaining the Executive Directors in be commensurate with competitive. line with market practice. the role and comparable with those provided in companies of a similar size and complexity. Pension A fixed and standard Takes into account the role Until 31 December n/a element of the performed by the individual, 2022, for incumbent Executive Directors’ the level of pension Directors only, remuneration to provided to the wider maximum 30% of base support retirement. workforce, and the legal salary. For new requirements in the country appointments and from of appointment. Payment 1 January 2023 for may be made into incumbent Directors, a company pension the maximum level of scheme, private pension pension contribution will plans or paid cash in lieu. be aligned with the rate payable to the majority of the workforce or the legal requirements in their country of appointment. 72 S4Capital Annual Report and Accounts 2021