Our remuneration report received a ‘vote against’ from our largest shareholder due to the level of disclosure around the strategic objectives, which were as follows:
Brand Awareness (5%), Customer Engagement (5%), Employee Engagement (5%), Hire Performance and progress on strategic plan (20%) and Digital Performance (15%)
Although the strategic element makes up 50% of the measures, the plan is entirely self-funded, with this component also subject to profit-delivery in the form of an underpin. As a result, the maximum bonus for the strategic objectives based element is only payable if the maximum annual bonus profit target has been met. This means that the strategic element is more demanding than at many other listed companies. While the targets associated with the strategic objectives are market-sensitive and competitive, the Committee will consider the level of bonus disclosure in the next remuneration report and will continue to follow best practice guidance.