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 2020 Annual Report & Accounts together with our 2020 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 Society is dedicated to increasing diversity on its Board and have set a target to achieve 50% female membership on the Board by 2024.  

 

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.