Remuneration report

"Rewarding performance with an aligned remuneration strategy."

As an AIM-listed entity, the Company is not required to fully apply the Listing Rules of the Financial Conduct Authority or the BIS Directors’ Remuneration Reporting Regulations and hence is not required to present a Board report on remuneration in accordance with those rules. Nevertheless, the Board considers it appropriate for the Company to provide shareholders with information with respect to Executive remuneration. The report is unaudited, unless otherwise stated.

The Company’s remuneration principles are as follows:

  • remuneration structures should be appropriate to the specific business, efficient and cost effective in delivery;
  • complexity is discouraged in favour of simple and understandable remuneration structures;
  • remuneration structures should seek to align Executive and shareholder interests including through a meaningful level of personal shareholding;
  • remuneration structures should promote long-term focus through features such as deferral and measuring performance over the long term;
  • structures should include performance adjustments (malus) and/or clawback provisions;
  • pay should be aligned to the long-term sustainable success and the desired corporate culture throughout the organisation; and
  • the Remuneration Committee ensures that rewards properly reflect business performance.