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CRD IV disclosures

Capital Requirements Directive IV (“CRD IV") is an EU legislative package covering banks, building societies and investment firms. It requires firms to hold adequate capital resources and provided a basis for new liquidity and leverage requirements. The Annual Report & Accounts and Pillar 3 Disclosures provide more information on the impact of these requirements.

Certain other governance matters must be disclosed under CRD IV.

The Society’s diversity target, policy and implementation

The Board’s Nominations & Governance Committee is responsible for reviewing diversity on the Board and in 2013 set a target of 25% female directors, the under-represented gender, by December 2017. In November 2017, the actual percentage was 33%. The Board’s current target is to maintain this level until 2020 even if the number of directors increases in this period.

To reach the target, the Society has a development programme, to develop a more diverse talent pool from within the Society for senior positions, and mentoring. It also works with recruitment agencies experienced and successful in the identification of female executives with potential to be effective Board members when Board vacancies arise.

Relationship between fixed and variable pay

Article 92(2)(g) deals with the policy relating to the relationship between fixed and variable pay. In the Society, the annual Success Share bonus and Executive Variable Pay Plan awards added together are currently limited to a maximum of 80% of fixed pay, which is within the 1:1 fixed to variable remuneration cap set in CRD IV.