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Remuneration Code Disclosure

The Bank’s Remuneration and General-Purpose Committee (RGPC) is responsible for setting the remuneration policy, procedures and practices applicable to all directors and employees within the Bank.

The policy is designed to comply with the Remuneration Code and to be consistent with, and promote, sound and effective risk management, with particular attention given to conduct risk.

The RGPC comprises one director and two non-executive directors (one independent), meets quarterly, and is governed by formal terms of reference, which are reviewed and approved by the Board.

The main principles of the Bank’s remuneration policy are to:

  • Comply with all relevant regulatory requirements;
  • Align remuneration and incentive plans with the Bank’s business strategy and performance and in the interests of stakeholders;
  • Ensure that the ratio between fixed and variable remuneration is appropriate and does not encourage excessive risk taking;
  • Maintain a sound and prudent risk approach;
  • Foster conduct that aligns to the Bank’s culture and values;
  • Ensure that remuneration is competitive but appropriate;

The Bank believes in rewarding delivery of financial and non-financial objectives in line with strategy and uses a balanced scorecard approach – including measurements in relation to compliance, customer, culture, people management and financial performance.