Financial Statements For the year ended
Download 0.68 Mb. View original pdf
|
- Navigate this page:
- Executive Team Reward Plan
| Number of employees (2021-22) Number of employees (2020-21) £355,000 - £394,999 nil - nil - £274,999 1 1 £195,000 - £234,999 4 5 Pension and Benefits The Chief Executive and Executive Directors in the defined benefit pension scheme ceased accruing benefits in July 2013 at which point all employees were provided with defined contribution benefits from the UK’s existing defined contribution pension plan. The decision to close the defined benefit pension scheme reflected the need to ensure that the benefits delivered are sustainable for the longer term. Three of the Executive Team are members of the defined contribution pension plan in the UK. All employees close to the lifetime allowance may elect to take a non-consolidated cash allowance in lieu of employer pension contributions and two Executive Team members, including the Chief Executive, have previously made this election. All UK employees (including the Executive Team UK members) can receive up to 9% of salary as an employer contribution (dependent on an employee contribution of at least 6% of salary) and are able to participate in the flexible benefits offering which is available to all ACCA UK-based employees. Association of Chartered Certified Accountants Corporate Governance Statement for the year ended 31 March 2022 It is ACCA’s policy to provide the following Group funded benefits to each UK member of the Executive Team • Private Healthcare (family cover Biannual Health screening Group income protection Life insurance Critical illness cover The non-UK members of the Executive Team are provided with similar benefits, as applicable, aligned to their geographic location. Executive Team Reward Plan On an annual basis, the Remuneration Committee uses the corporate strategic measures and targets agreed by Council Board to determine the reward plan for the Executive Team for that year. This arrangement is structured to reward behaviour and performance that is appropriate for ACCA and focus the organisation on those elements of ACCA’s Strategy which Council Board believes require the greatest focus at a particular point in time. Under the reward plan, members of the Executive Team are eligible to receive a maximum payment of 25% of base salary per annum of which 20% is assessed against ACCA performance over the financial year and the remaining 5% is determined by personal performance. The Remuneration Committee determines the level of award up to 20% achieved against ACCA targets for all executive directors alongside the level of award against personal targets for the chief executive. In turn, the chief executive determines how much of the 5% personal performance award is allocated to each of the executive directors. The chief executive is not present when her remuneration is discussed. This is a fair, transparent reward approach which has been created inline with ACCA’s reward principles, supporting the achievement of our strategy and assessing performance over a meaningful period that reflects our focus on sustained performance, suitable fora long-term business. The basis of the award is transparent through the use of relevant and measurable performance targets, which are subject to external assurance and are clearly linked to driving value. The Remuneration Committee has complete and sole discretion to moderate (up or down – including to 0%) the level of award determined if it does not believe the level adequately reflects underlying corporate performance or for any other reason. Download 0.68 Mb. Share with your friends:
|