Establish a remuneration policy which is supportive of long-term value creation and the company’s purpose, strategy and culture (QCA Principle 9)

The Board recognises that a well-designed remuneration policy is critical to attracting, retaining, and motivating high-calibre talent while ensuring alignment with the Company’s long-term strategic goals, purpose, and culture. Our remuneration policy is designed to reward performance that drives sustainable growth and creates value for all stakeholders.

The Company’s aim is to attract, retain and incentivise the Executive Directors, senior management and employees in a manner consistent with the goals of good corporate governance. In setting the Company’s Remuneration Policy, the Remuneration Committee considers a number of factors including the basic salary, benefits and incentives available to Executive Directors, senior management and employees of comparable companies and for new senior recruits based on executive search specialist advice. The Company’s remuneration packages awarded to Executive Directors and senior management are intended to be competitive, include a significant proportion of performance related remuneration and align employees’ with shareholders’ interests.

The Company’s Remuneration Policy is the responsibility of the Remuneration Committee. The members and role of the Remuneration Committee are described in QCA Principle 7. The Remuneration Report on pages 60 to 63 of the Group’s Annual Report and Financial Statements 2024 describes the Remuneration Policy for the Group as well as detailing the Directors’ shareholdings, remuneration for the year and interests in share options. Any significant changes in Remuneration Policy are put to an advisory vote. The Remuneration Policy, in so far as it relates to the Directors, is subject to an advisory vote by Shareholders every three years and was last approved at the 2024 Annual General Meeting (AGM). The Directors’ Annual Remuneration Report is subject to an advisory vote by Shareholders at each AGM.