Governance, risk and compliance, and remuneration reports
Approach to non-Executive Directors' remuneration
Clover identifies, attracts and retains Non-Executive Directors who can add specific skills and leadership to Clover. For this reason, non-executive fees are competitive and ranked in the upper quartile.
Attendance fees are only paid for actual Committee meetings attended.
The chairman of the Board, Werner Büchner, and the lead independent director, Tom Wixley will not receive additional remuneration should they serve on any subcommittee of the Board, since they receive a fixed annual fee. The fees payable to Non-Executive Directors for the 2016 financial year will be increased by 6% from the fees paid during the year under review, subject to shareholder approval.
Total remuneration and benefits payable to directors and prescribed officers
The Board considered the requirements of the Companies Act with regard to the disclosure of the remuneration of directors and prescribed officers. After careful consideration, the Board concluded that all members of the Executive Committee are deemed to be prescribed officers.
A complete table setting out the total remuneration of directors and prescribed officers can be found in note 32 to the Annual Financial Statements here in this Annual Integrated Report.
Interest of directors and other executives in ordinary share capital
A complete table setting out the interest of directors and prescribed officers in Clover's ordinary share capital can be found in note 32.3 to the Annual Financial Statements here in this Annual Integrated Report.
