267694 EdinburghIT AR 2024 WEB - Flipbook - Page 91
THE EDINBURGH INVESTMENT TRUST PLC / OTHER INFORMATION FOR SHAREHOLDERS / 89
Manager’s UK Staff1 of which
Headcount
Total
Remuneration
(£’000)
102
15,629
Fixed Remuneration
102
9,728
Variable Remuneration
102
5,901
2
75
4
1,291
AIFM Remuneration Code Staff of which
Senior Management2
Other control functions:
Other code staff/risk takers
1
The Manager’s UK Staff costs have been incurred by another Group entity and allocated to the AIFM. The most appropriate measure of staff costs are
those staff who are members of Liontrust Fund Partners LLP or Group staff who are employed by Liontrust Asset Management Plc but have theirs costs
apportioned to the LLP. The information has been disclosed on an annualised basis.
2
AIFM Aggregate Remuneration Code Staff applies only in respect of services to the AIFM funds rather than their total remuneration in the year. For senior
management and control function staff, remuneration is apportioned on the basis of assets under management for AIFM funds versus the total Group
assets under management.
Remuneration is made up of fixed pay (i.e. salary and
benefits such as pension contributions) and variable pay
(annual performance based or linked directly to investment
management revenues). Annual incentives are designed
to reward performance in line with the business strategy,
objectives, values and long term interests of the AIFM
and Liontrust Asset Management PLC (LAM) Group.
The annual incentive earned by an individual is dependent
on the achievement of financial and non-financial objectives,
including adherence to effective risk management practices.
The AIFM provides long-term incentives which are designed
to link reward with long-term success and recognise the
responsibility participants have in driving future success and
delivering value. Long-term incentive awards are conditional
on the satisfaction of corporate performance measures.
The structure of remuneration packages is such that the fixed
element is sufficiently large to enable a flexible incentive
policy to be operated.
Staff are eligible for an annual incentive based on their
individual performance, and depending on their role, the
performance of their business unit and/or the group.
These incentives are managed within a strict risk framework,
and the Directors of LAM retain ultimate discretion to reduce
annual incentive outcomes where appropriate.
The AIFM actively manages risks associated with delivering
and measuring performance. All our activities are carefully
managed within our risk appetite, and individual incentive
outcomes are reviewed and may be reduced in light of any
associated risk management issues.
The Liontrust Group operates a Remuneration Committee
(the “Committee”). The Committee reports to the Board.
The Committee reviews risk and compliance issues in relation
to the vesting of deferred awards for all employees and
members. Compliance is monitored throughout the vesting
period by the Committee.
These remuneration policies apply also to other entities in
the Liontrust Group to which investment management of
the Company has been delegated, and those delegates are
subject to contractual arrangements to ensure that policies
which are regarded as equivalent are applied.
The Board adopts, and reviews annually, the general
principles of the applicable remuneration policies, and
the implementation of the remuneration policies is, at
least annually, subject to central and independent internal
review by the Committee for compliance with policies and
procedures.
SCOPE OF THE POLICY
The AIFM is subject to the requirements of the
AIFM Remuneration Code (SYSC 19B) (the “Code”).
The requirements of the Code are applicable to the
remuneration arrangements of individuals who fall within
the definition of Code staff under the Code and this policy
sets out the basis on which the rules contained within the
Code will be applied to Code Staff. The Committee itself
sets the remuneration and has oversight if remuneration
arrangements for all other Code Staff together with such other
senior employees as the Committee may determine from
time to time. The Committee also reviews the remuneration
arrangements of other employees and the operation of the
incentive plans to ensure that remuneration arrangements
have regard to pay and employment conditions. However,
decisions on individual remuneration arrangements are
made by management in the area, with oversight by the
Human Resources Director. No hedging or other mitigation
arrangements may be entered into by employees as that
would undermine risk alignment effects.
