Strategic report Governance Financial statements Other information ANNUAL STATEMENT BY THE CHAIR OF THE REMUNERATION COMMITTEE CONTINUED •Launching the West of England Black Interns Pilot, in In May this year we asked colleagues to share their views on Contents of this report collaboration with Bristol One City and Bristol City Council, Executive Pay and the evolution of the remuneration element of On the following pages we set out: generating over 40 paid internships for black students in the our employer value proposition (EVP) to help us continue to shape A summary of the Directors’ remuneration policy which was West of England; a proposition that best serves our colleagues while aligning with • our wider business strategy and goals. approved at the 2020 AGM on 8 October 2020; and •Signing up to participate in the #10,000BlackInterns initiative; and The Chair’s statement and annual report on remuneration will I attended the feedback session and was pleased to see that the • •Sponsorship of St Paul’s Carnival, EPIC Stars Awards to celebrate comments largely reflected our thinking on what we are doing be subject to an advisory vote at the 2021 AGM. young people in care, RISE2Inspire black-led mentorship well versus what we could improve on. For example, colleagues programme to support aspiring entrepreneurs and the Bristol challenged us to be clearer and more transparent with our pay Diversity Awards. offering, with plans in place to address these areas. Most Moni Mannings Making progress in the inclusion and diversity space requires long colleagues felt the link between executive pay, business Chair of the Remuneration Committee term focus and commitment to drive change. We will report back performance and the delivery of the strategy was clear and they 8 August 2021 in next year’s Directors’ Remuneration Report on the further showed an appreciation for the level of transparency available progress we have made during the year. through the reporting. Encouragingly, colleagues acknowledged Wider workforce the significant improvements that have been made over the last The colleague voice plays a key role in our decision making process, few years to the pay and remuneration element of the EVP and to ensure that we do the right thing for our clients, colleagues I look forward to seeing the impact once further changes come and community. into effect. The HL Colleague Forum was set up in January 2019, and focuses Shareholder engagement on gathering colleague feedback on key strategic decisions As a new Board member, I invited major shareholders to meet with including remuneration, culture and strategy. Additional me over the summer to discuss plans for the evolution of our ESG operational focused forums, such as our policy user group, help us strategy and assessment of progress as well as to highlight our to successfully implement our response to the feedback gathered intent to increase the Executive Directors’ salaries. I am grateful during the Colleague Forum. for the very positive engagement from our major shareholders and their valuable feedback regarding how we could move forward In 2020, the Colleague Forum provided feedback on the on ESG. standardisation of contractual hours, updates to our overtime policy and application for Living Wage Foundation accreditation. The policy user group were used to guide our approach to communicating our pay and bonus policy internally. Overall, colleagues were enthusiastic about the changes and helped to ensure their implementation was successful. 91 Hargreaves Lansdown Report and Financial Statements 2021