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Practice 83.a
The notice period stipulated in the CEO’s employment contract and the contractual
conditions related to termination should be disclosed.
Not Applied
Commentary:
Particulars of the Group Chief Executive’s employment contract are considered to
be competitive information and are not publicly reported.
Practice 34.c The overview of the remuneration policy should include a description of the
framework and performance measures used to assess the achievement of strategic
objectives and positive outcomes, including the relative weighting of each
performance measure and the period of time over which it is measured.
Not Applied
Practice 34.d The overview of the remuneration policy should include an illustration of the
potential consequences on the total remuneration for executive management, on a
single, total figure basis, of applying the remuneration policy under minimum, on-
target and maximum performance outcomes.
Not Applied
Practice 35.b The implementation report must include an account of the performance measures
used and the relative weighting of each, as a result of which awards under variable
remuneration incentive schemes have been made, including: the targets set for
the performance measures and the corresponding value of the award opportunity;
and for each performance measure, how the organisation and executive managers,
individually, performed against the set targets.
Not Applied
Commentary:
Detailed particulars of the above remuneration aspects are considered to be
competitive information and are not publicly disclosed.
GOVERNANCE OF THE PPS GROUP
BY THE BOARDS
The PPS Group is ultimately governed by PPS Holdings
Trust, which has a unitary board of trustees, assisted by
the boards of directors and trustees of PPS Group entities
and the committees as detailed below.
The wholly-owned principal operating subsidiary, PPS
Insurance, has a majority of independent non-executive
directors, eight of whom are nominated members of
the PPS Holdings Trust Board (including two
ex officio
appointees), and includes directors with specialist skills
appropriate to the insurance and investment industries. The
PPS Insurance Board is accountable to the PPS Holdings
Trust Board for the achievement of strategic objectives
determined by the PPS Holdings Trust Board in furthering
the interests of its members. These objectives pertain to:
• Operational efficiency
• Investment returns
• Membership and sales growth
• Service to PPS members
The primary operating subsidiaries of PPS Insurance are set
out in the Trustees’ Report and their boards are comprised
of executive and non-executive directors and trustees as
set out in this report.
BOARD COMPOSITION,
APPOINTMENTS AND SUCCESSION
PLANNING
The PPS Holdings Trust Board is comprised of 20 trustees,
all of whom are independent non-executive trustees. In
terms of its Trust Deed, PPS Ordinary Members may
nominate and elect 10 Ordinary Members to the PPS
Holdings Trust Board at its annual general meeting. At the
invitation of the PPS Holdings Trust Board, a further six
members of the current Board of PPS Holdings Trust are,
subject to the recommendations of the Group Nominations
Committee and the approval of the PPS Holdings Trust
Board in accordance with the provisions of the Trust Deed,
nominated to serve on the PPS Holdings Trust Board by
professional associations whose members are significantly
represented in the PPS membership base. The PPS Holdings
Trust Board has co-opted a further two members for their
specific skills, as provided for in the Trust Deed, which also
stipulates that the Chairman and Deputy Chairman of PPS
Insurance are appointed
ex officio
to the PPS Holdings
Trust Board. All PPS Holdings Trust Board members are
appointed for specific terms and re-appointment is not
automatic.
The PPS Holdings Trust Board appoints the members of
its board committees, as well as the members of the PPS
Insurance, the PPS RA Fund and the PPS Beneficiaries
Trust Boards. In turn, the PPS Insurance Board appoints
the members of its board committees and the members
of its subsidiaries’ boards.