Issue - meetings

Report of the Shareholder Representative

Purpose of the report

To brief the Committee regarding progress with improved governance of executive remuneration and seek its agreement to a number of recommendations about the bonus scheme and payments in accordance with it.

Recommendations

The Shareholder Committee is recommended:

1.1           Accept GHVDC’s Remuneration Committee’s proposed bonus payments for 2023/24.

1.2           Endorse the principles and approach set out in the company’s confidential reports attached as Confidential Appendix 1 to this report.

1.3           Ask the Remuneration Committee to review the scheme each year before the bonus appraisal process commences and advise the Shareholder Committee of any changes.

1.4           Ask the Remuneration Committee to ensure that the benchmarking exercise is repeated periodically in accordance with sector best practice to ensure that the scheme remains consistent with good practice in the market.

1.5           Specify that changes to the bonus scheme for future years must be submitted to it for its approval before being implemented and before the financial year to which it relates.

Resolved

(1)          That GHVDC’s Remuneration Committee’s proposed bonus payments for 2023/24 be accepted.

(2)          That the principles and approach set out in the company’s confidential reports attached as Confidential Appendix 1 to this report be endorsed.

(3)          That the Remuneration Committee review the scheme each year before the bonus appraisal process commences and advise the Shareholder Committee of any changes.

(4)          That the Remuneration Committee ensure that the benchmarking exercise is repeated periodically in accordance with sector best practice to ensure that the scheme remains consistent with good practice in the market.

(5)          That changes to the bonus scheme for future years be submitted to it for its approval before being implemented and before the financial year to which it relates.