Hybrid Software Group PLC Annual Report 2022 60 61 Hybrid Software Group PLC Annual Report 2022 Hybrid Software Group Strategic report Governance Financial statements Other information FUTURE POLICY TABLE The information provided in this part of the Directors’ remuneration report is not subject to audit. The following table provides a summary of the key components of the remuneration package for executive directors: Salary and fees Purpose Rewards skills and experience and provides the basis for a competitive remuneration package. Operation Salaries and fees, including recruitment and loss of office payments, are agreed with the director with reference to the role, the individual's experience, and market practice and market data. Opportunity 100% of contractual salary and fees are paid for services rendered to the Group. Performance measures Reviewed annually and executive directors' salaries are generally increased in line with company-wide pay increases. Exceptional changes are tied to significant changes in the Group or exceptional performance. Recovery No provision for recovery or withholding of payments unless breach of contract. Taxable benefits Purpose Protects against risks and provides other benefits. Operation The provision of benefits to executive directors includes private medical cover, life insurance and ill-health income protection. Opportunity 100% of the premiums due are paid on behalf of the executive director. Performance measures There are no performance measures associated with the benefits other than being a current executive director. Recovery No provision for recovery or withholding of payments unless breach of contract. Bonuses Purpose Rewards delivery of the near-term business targets set each year, the individual performance of the executive directors in achieving those targets, and contribution to delivering the Group's strategic objectives. Operation Bonuses are agreed in the employment contract with the executive director. The level of bonus payable is determined based on the role, the individual's experience, and market practice and market data. Opportunity Generally 50% to 100% of the annual bonus is achievable on meeting the revenue and expense targets as set by the board. Adjustments can be made to the plan for specific, strategic objectives. Performance measures The performance objectives include only financial measures. The financial measures are generally related to revenue and controlling expenses. Recovery Payment of annual bonuses is usually withheld until the Group's auditors have cleared the audit and the board have approved payment of the bonuses. Future policy table continued... Share plans Purpose Rewards execution of the Group's strategy and incentivises growth in shareholder value over a multi-year period. Operation Initial options are agreed in the employment contract with the executive director. The level of options awarded is determined based on the role, the individual's experience, and market practice and market data. Opportunity Subject to achieving the vesting conditions, 100% of the options granted are achievable. Performance measures Vesting conditions will be determined at the time the options are granted by the board to meet the current strategic objectives of the Group. Recovery Options are withheld until vesting and any other conditions are met. Pension Purpose Enables executive directors to build long term retirement savings. Operation The Group pays defined contributions into a pension plan on behalf of the executive director. Opportunity 100% of the contributions due are paid directly to the pension company on behalf of the executive director. Performance measures There are no performance measures associated with the benefits other than being a current executive director. Recovery No provision for recovery or withholding of payments unless breach of contract. Board fees Purpose Attract and retain individuals with the required skills, experience and knowledge so that the board is able to effectively carry out its duties. Operation Fees are paid monthly or quarterly. Opportunity 100% of contractual fees are paid for services rendered to the Group. Performance measures Reviewed annually and increased only in exceptional circumstances. Recovery No provision for recovery or withholding of payments if performance obligations have been fulfilled. The following table provides a summary of the key components of the remuneration package for non-executive directors: Recruitment remuneration For the appointment of a new director, the aforementioned components will be included in their remuneration package and negotiated with consideration of the role, their experience and market data. The fees that may be agreed may include sign-on payments to incentivise the director to take the appointment. These sign-on fees will be negotiated taking into consideration the role, their experience and market data. Pay policy for other employees The Company values its total workforce and aims to provide remuneration packages that are geographically competitive, comply with any local statutory requirements and are applied fairly and equitably across the Group.
RkJQdWJsaXNoZXIy NTI5NzM=