RBS 2013 Annual Report Download - page 74
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Directors’ Remuneration Policy
72
Fees for non-executive directors
Element of pay Purpose and link to strategy Operation Maximum potential value
Performance metrics
and period
Fees To provide a competitive level of fixed
remuneration that reflects the skills,
experience and time commitment
required for the role.
No variable pay is provided so that
non-executive directors can maintain
appropriate independence, focus on
long-term decision making and
constructively challenge performance
of the executive directors.
Fees are paid monthly.
The level of remuneration for
non-executive directors reflects
their responsibility and time
commitment and the level of
fees paid to directors of
comparable major UK
companies. Non-executive
directors do not participate in
any incentive or performance
plan. Non-executive directors’
fees are reviewed regularly.
The rates for the year ahead are
set out in the annual report on
remuneration on page 82.
Any future increases to fees will be
considered against non-executive
directors at comparable companies
and will not normally be greater
than the average inflation rate over
the period under review, taking into
account that any change in
responsibilities, role or time
commitment may merit a larger
increase.
Fees have not yet been set for the
recently established RCR Board
Oversight Committee. Our policy is
that additional fees may be paid for
new Board Committees provided
these are not greater than fees
payable for the existing Board
Committees as detailed in the
annual report on remuneration.
N/A
Benefits Any benefits offered would be in line
with market practice.
Reimbursement of reasonable
out-of-pocket expenses incurred
in performance of duties. The
Chairman also receives private
medical cover in line with the
scheme rules.
The value of the private medical
cover provided to the Chairman will
be in line with market rates and
disclosed in the annual report on
remuneration.
N/A