Pobl Group has adopted a new policy for Board Membership and Non Executive Remuneration. The policy recognises the value that Non-Executive Directors (NEDs) bring to the leadership of Pobl Group, ensuring that it is viable, properly governed and well managed.
Significantly, the new policy will see Pobl Group’s Non Executive Directors remunerated for their work, in line with a governance culture of ‘shared endeavour’.
The new approach recognises the significant commitments made by Non-Executives and is seen as vital to enabling Pobl can continue to recruit Non-Executives with the skills and diversity of experience required.
Non-Executive Directors have a number of key responsibilities:
- To ensure the efficient and effective management of each Board in line with its Rules/Articles of Association, Regulation and Statutory Compliance, Pobl’s Intra Group Agreement and best practice, including sound risk management;
- To act in the interests of the Group Member Board and Pobl Group, and not on behalf of any interest group;
- To uphold the reputation of Pobl Group
- To ensure their behaviour projects Pobl Group values.
Remuneration will be accompanied by a clear articulation of expectations, robust assessment of performance and an open approach to recruitment. An Agreement for Services will be signed by each Non-Executive Director.
Remuneration will be subject to satisfactory performance. In the event that a NED fails to undertake their required duties or meet required performance standards, remuneration may be withheld.
The Remuneration Committee will oversee the Remuneration Framework, whose key principles are transparency, fairness and affordability. Levels of Remuneration will be agreed by the Remuneration Committee following receipt of independent advice and will be set at a level consistent with other public appointments. Remuneration levels for NEDs will be reviewed every two years by the Remuneration Committee to ensure that they remain appropriate. Pobl will be transparent about NED remuneration and the information will be published in the financial statements and on the website.
Remuneration will only be made for an individual’s substantive NED position. There will be no additional payments for multiple positions or additional duties. However, Pobl acknowledges that different roles involve different responsibilities and this will be reflected in the payment framework.
Pobl fully complies with the CHC Code of Governance and expect all NEDs to comply with this code and the Code of Conduct for Non-Executive Directors.
The Welsh Government, in October 2017, confirmed that Registered Social Landlords could now remunerate Non-Executive Directors. All remuneration payments must be made in line with the Housing Act 1996, particularly Schedule 1 of this legislation.
