Annual report and accounts 2023 - Flipbook - Page 110
A.G. BARR p.l.c. Annual Report and Accounts 2023
Directors’ Remuneration Report continued
Executive directors
The table below describes each of the elements of the remuneration package for the executive directors:
Element
Purpose and link to strategy
Operation
Maximum opportunity
Performance measures
Base salary
Core element of fixed remuneration,
reflecting the size and scope of the
role.
Usually reviewed annually.
Although there is no overall maximum,
salary increases are normally reviewed
in the context of the salary increases
across the wider Group.
Not applicable.
Purpose is to recruit and retain
directors of the calibre required for
the Company.
Benefits
Ensures the overall package is
competitive.
Purpose is to recruit and retain
directors of the calibre required
for the Company.
Salary levels are determined by the
Remuneration Committee taking into
account a range of factors including:
• role, experience and individual
performance;
• pay for other employees in the Group;
• prevailing market conditions; and
• external benchmarks for similar roles
at comparable companies.
Executive directors receive benefits in line
with market practice, which may include, for
example, a car allowance or provision of a
company car, a biennial health check, private
medical insurance, life assurance and the
ability to “buy” or “sell” holidays under the
Company’s flexible benefits plan.
Other benefits may be provided based on
individual circumstances. These may include,
for example, relocation and travel allowances.
Annual bonus Rewards performance against annual Awards based on performance against key
targets which support the strategic
financial and/or strategic targets and/or the
direction of the Group.
delivery of personal objectives.
Pay-out levels are determined by the
Remuneration Committee after the year end
based on performance against those targets.
The Remuneration Committee has discretion
to amend the bonus pay-out if, in its
judgement, any formulaic output does not
produce a fair result for either the executive
director or the Company, taking into account
overall business performance.
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The Remuneration Committee may
award salary increases above this level
to take account of individual
circumstances such as:
• increase in scope and responsibility;
• increase to reflect the executive
director’s development and
performance in the role; or
• alignment to market level.
Whilst the Remuneration Committee
has not set an absolute maximum on
the levels of benefits executive
directors receive, the value of the
benefit is at a level which the
Remuneration Committee considers
appropriate against the market and
provides a sufficient level of benefit
based on individual circumstances.
Not applicable.
Maximum bonus opportunity is 125%
of base salary.
Targets are set annually
reflecting the Company’s
strategy and aligned with
key financial, strategic and/
or individual objectives.
Targets, whilst stretching,
do not encourage
inappropriate business
risks to be taken.
