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Remuneration of senior executives
The CEO is responsible for designing executive remuneration to attract, retain and motivate high-quality senior executives and to align their interests with the creation of long-term value. To accomplish these goals, each senior executive’s remuneration package consists of fixed annual remuneration and ‘at risk’ remuneration delivered through a discretionary bonus to recognise their contribution and acknowledge high performance.
Remuneration reviews are completed each year and NHFIC uses data from the Financial Institutions Remuneration Group (FIRG) to benchmark against salaries paid by financial institutions for comparable roles, to stay competitive. The budget for remuneration increases is determined by reference to annual FIRG data, market data, Government guidelines, Board decisions and NHFIC’s operating budget. While NHFIC aims to remain within the FIRG data range, we recognise that as a government body we cannot compete with international commercial organisations that pay at significantly higher levels in the range.