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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Gain CPD / CPE credits and professional certification

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Build, scale and manage your organisation’s learning

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Connect Finance Unlocked to your current platform

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Board Remuneration Committees

Board Remuneration Committees

Bill Gallagher

30 years: Credit & banking

In this next video on Board Governance, Bill Gallagher introduces remuneration committees and discusses their role and key responsibilities within a company.

In this next video on Board Governance, Bill Gallagher introduces remuneration committees and discusses their role and key responsibilities within a company.

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Board Remuneration Committees

10 mins 12 secs

Overview

Remuneration committees are established to set and oversee the compensation of senior management in a company. Their purpose is to ensure that pay is aligned with the company's strategic goals, fair, and transparent. They address potential conflicts of interest that may arise if senior management sets their own pay policies. In addition to protecting shareholder interests, remuneration committees also help reinforce the company's strategic goals and targets to investors and other stakeholders.

Key learning objectives:

  • Understand the importance of the remuneration committee

  • Outline the primary goal of a remuneration committee

  • Outline the responsibilities of a remuneration committee

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Summary

What is the primary goal of a remuneration committee?


The primary goal of a remuneration committee is to ensure that executive compensation is set in the best interests of shareholders and the long-term sustainable growth of the company. By overseeing the compensation packages of senior executives, the committee aims to prevent executives from establishing their own pay and instead align compensation with the company's strategic goals and values. This helps motivate senior employees and reinforces the desired corporate culture and objectives.

 

What are the primary responsibilities of a remuneration committee?

The primary responsibilities of a remuneration committee typically include two main areas of focus

Firstly, deciding the remuneration of all executive directors and the chairman
Secondly, recommending and monitoring the level and structure of remuneration for senior management
What is the typical composition of a remuneration committee?

The typical composition of a remuneration committee consists of independent, non-executive directors. These individuals are selected based on their expertise, experience, and ability to provide objective judgment regarding executive compensation. They are not involved in the day-to-day operations of the company, ensuring independence in decision-making.

The committee may consist of three or more members, with at least one member having expertise in financial matters or executive compensation. In some jurisdictions, specific regulations and listing rules require certain qualifications or expertise for committee members.

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Bill Gallagher

Bill Gallagher

Bill spent over 25 years working in finance and advising corporations. He has experienced finance from legal, banking and corporate perspectives. Most recently, Bill has been a director of a Belgian-based company specialising in high voltage subsea cables and gas pipelines, and advises related companies on financing and M&A.

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