Strategic Report
Governance
Financial
The policy itself The Committee currently reflects these key principles in each of the main elements of the reward packages for the Executive Directors as set out in the table below. This policy, if approved by shareholders, will take effect from the date of the forthcoming AGM. However, as mentioned above, the Committee intends to conduct a review of the Company’s senior executive pay policy in the forthcoming year. Based on the outcome of the review, it is anticipated that Mitie will be putting forward a revised policy for the binding vote next year. Purpose and link to strategy
Operation
Salaries are generally reviewed annually and To attract and retain the required talent needed to set effective from 1 April. The review is influenced by: and drive the vision and Base Salary
direction for Mitie.
The individual’s role, experience and performance Business performance and the wider market and economic conditions The range of increases across the group An external comparator group comprised of sector comparators and size adjusted FTSE 250 comparator organisations.
Benefits To aid retention and be competitive within the marketplace.
The group provides a range of benefits which may include a company car/car allowance, private fuel, private health insurance, life assurance and annual leave. Benefits are reviewed periodically against market and new benefits may be added and/or amended as required to support the attraction and retention of key talent. Additional benefits may be awarded in certain recruitment circumstances which may include relocation expenses, housing allowance and school fees. Other benefits may be offered if considered appropriate and reasonable by the Committee.
Opportunity
Performance metrics
Base salary increases will N/A be broadly in line with the average increase for the UK non-contract based workforce whose salaries Mitie determines, although on occasion other specific circumstances such as changes of responsibilities, progression in role, experience, or a significant increase in the scale of the role and/or size, value and/or complexity of the group may also be taken into consideration.
Benefits are set at a level which the Remuneration Committee considers: Appropriately positioned against comparable roles in companies of a similar size and complexity in the relevant market. Provides a sufficient level of benefit based on the role and individual circumstances (for example, relocation). The Committee retains discretion to approve a higher cost than currently incurred where factors outside the Company’s control have changed materially (eg medical inflation) or in exceptional circumstances (eg relocation).
N/A
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