This section describes our Directors’ Remuneration Policy (the Remuneration Policy) which was formally approved by shareholders and came into effect following the AGM on 7 May 2026. It is intended that this Policy will last for three years from the 2026 AGM date.

Policy overview

This Remuneration Policy has been prepared in accordance with the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, as subsequently amended. The Remuneration Policy has been developed taking into account a number of regulatory and governance principles, including:

• The 2024 UK Corporate Governance Code (the Code)
• The regulatory framework applying to the Financial Services Sector (including the Dual-Regulated firms Remuneration Code and provisions of the Remuneration part of the PRA Rulebook)
• The executive remuneration guidelines of the main institutional investors and their representative bodies

Approach to designing the Remuneration Policy

The Group Remuneration and People Committee (the Committee) is responsible for the development, implementation and review of the Directors’ Remuneration Policy. In addressing this responsibility, the Committee works with management and external advisers to develop proposals and recommendations. The Committee considers the source of information presented to it, takes care to understand the detail and ensures that independent judgement is exercised when making decisions.

The Group Risk Committee considers whether the Remuneration Policy and practices are in line with the risk appetite and the Group Audit Committee confirms incentive plan performance results, where appropriate.

The Code sets out principles against which the Committee should determine the Remuneration Policy for Executive Directors.

Download our Remuneration Policy