Strategic report Governance Financial statements Other information ANNUAL REPORT ON REMUNERATION Meetings during the year • Reviewing our approach to business and individual performance •Reviewing and approving an updated Terms of Reference for There were eight scheduled meetings during the year and measures, targets and weightings, with a particular focus on this Committee. additional ad hoc meetings where required. Meetings were chaired ensuring they reflect ongoing ESG initiatives and strategy; The detailed responsibilities of the Committee are set out in its by Fiona Clutterbuck until she stood down in October 2020, then Considering shareholder engagement approach regarding terms of reference, which are available on the Group’s website at chaired by Moni Mannings for the remainder of the financial year. • Other members were Deanna Oppenheimer and Dan Olley for the ESG measures and Executive Director remuneration; www.hl.co.uk/about-us/board-of-directors. full year, and Shirley Garrood and Stephen Robertson for part of • Receiving and noting regulatory and governance updates to Advice to the Committee the year having stood down in October 2020 and December 2020 keep abreast of best practice; During the year, the Committee has been supported by the respectively. Considering a formal assessment of risk performance in relation Company Secretary, Chief People Officer, Head of Performance • and Reward, and Chief Executive Officer who are invited to attend None of the Committee has any personal financial interest (other to remuneration; Committee meetings to provide further background information than as shareholders), conflicts of interests arising from cross- Reviewing and agreeing performance bonuses for the Executive and context to assist the Committee in its duties. The Group directorships or day-to-day involvement in running the business. • Directors as well as other Material Risk Takers (MRTs); Chief Risk Officer also provides a formal risk assessment to the Eligible Attended Reviewing and approving Executive Directors’ objectives and Committee at mid year and at the end of the financial year which Member Position meetings meetings • assesses performance of the business against risk appetite, key performance measures; risk indicators, and includes an assessment of risk events and Moni Mannings Chair •••••• •••••• • Reviewing the approach to proportionality and the approach for conduct breaches to ensure second line input into proposed Fiona Clutterbuck Chair ••• ••• the identification of MRTs under CRD IV, AIFMD and UCITS V; remuneration outcomes. No Director was involved in decisions Deanna regarding the determination of their own remuneration. Oppenheimer Non-Executive Director •••••••• •••••••• • Reviewing the remuneration policy for the wider workforce, including assessing progress towards achieving Director The Committee approved the reappointment of Deloitte LLP, Dan Olley Non-Executive Director •••••••• •••••••• shareholding requirements, and approving new malus and a previous advisor to HL and signatory to the Remuneration clawback, and MRT policies; Consultants Group’s Code of Conduct for the provision of Shirley Garrood Non-Executive Director ••• ••• independent remuneration advice, and throughout the year have Stephen • Approving the Living Wage Accreditation and the annual been advised by them. The advisers review all committee papers Robertson Non-Executive Director ••• ••• Save As You Earn scheme invitation and terms; and provide input on matters directly to the Committee as well as During the year the Committee has undertaken activities as set • Receiving reports and overseeing decisions and attend committee meetings. As such, the Remuneration out below and, in doing so, confirm that there have been no recommendations made by the Reward Governance Committee; Committee is satisfied that the advice it has received was objective deviationsfrom the procedure for implementation of the policy and independent. The fees payable to Deloitte for this advice were • Reviewing and approving the required Remuneration Code based on services provided against a scope of services approved in this financial year: disclosures; by the Committee and amounted to £63,400 plus VAT. Other •Reviewing and approving the Directors’ Remuneration Policy • Reviewing colleague feedback on remuneration, culture and services provided to Hargreaves Lansdown by Deloitte LLP during and considering our remuneration approach for 2021/22; strategy via the Colleague Forum; the year consisted of risk advisory, tax, consulting and internal audit Consideration of the Directors’ remuneration report in the services on a co-sourced basis. • • Reviewing the gender pay gap reporting covering the snapshot 2020 Report and Financial Statements, and all of the feedback date of 5 April 2020 and noting management’s action plan to received from institutional shareholders; address the gender pay gap; and 98 Hargreaves Lansdown Report and Financial Statements 2021