Just Annual Report and Accounts 2021

FINANCIAL STATEMENTS

STRATEGIC REPORT

GOVERNANCE

Total remuneration of the CEO during the same period (unaudited) The total remuneration of the CEO over the last eight years is shown in the table below. Year ended 30 June

Year ended 31 December

2013

2014

2015

2016 1

2017

2018

2019 2

2020

2021

Chief Executive

Total remuneration (£’000)

1,052

1,196

1,357

2,630

2,369

2,507

438

1,440

1,541

1,587

STIP (% of maximum) LTIP (% of maximum)

86% 63% 89% 97.5% 95.0% 91.2% 0% 83.1% 85% 80%

n/a

n/a 39.5% 50.0% 50.0% 50.0% 50.0% 19.75% 31.8%

1 The year ended 31 December 2016 covered 18 months following the change of year end from 30 June. The total single figure of remuneration for the 12 month period ended 31 December 2016 was £1,870,000. 2 Rodney Cook stood down as CEO from 30 April 2019 and David Richardson assumed the role of CEO from this date (initially on an interim basis). The total single figure remuneration for Rodney Cook in 2019 represents four months to 30 April 2019 and the full vesting value of the 2017 LTIP and for David Richardson represents 8/12ths of his pay in 2019. CEO pay ratio This is the third year in which Just Group has been required to publish its CEO pay ratio. Year Method 1 25th percentile pay ratio 50th percentile pay ratio 75th percentile pay ratio 2021 Option A 47 : 1 29 : 1 17 : 1 2020 Option A 42 : 1 26 : 1 16 : 1 2019 2 Option A 44 : 1 28 : 1 17 : 1 1 Option A was selected as it provided a full picture of pay across the Group. The Company determined the single figure remuneration for all UK employees on a FTE basis by reference to the financial year ended 31 December 2021 and used this to identify the three employees who represent the 25th percentile, 50th percentile and 75th percentile by total pay. FTE remuneration was determined by reference to pay across 260 working days per year over a 35 hour week. Cases where employees were on maternity leave have been excluded as their remuneration in the year was not felt to be an accurate reflection of their ordinary pay levels. This did not have a material impact on the ratios and so the Committee is satisfied that the three individuals are reflective of the three percentiles. 2 The total pay and benefits for the role of CEO in 2019 was calculated using Rodney Cook’s base salary, benefits and pension contributions for the four months to 30 April 2019 and David Richardson’s base salary, benefits and pension contributions for the remainder of the year, full year 2019 annual bonus and 2017 LTIP award which vests based on performance to 31 December 2019. The table below shows the total pay and benefits and the salary component of this for the employees who sit at each of the three quartiles in 2021. £’000 Total pay and benefits Salary component of total pay 25th percentile 34 27 50th percentile 55 44 75th percentile 93 67 Group Chief Executive 1,587 597 The Group Chief Executive Officer was paid 29 times the median employee in 2021. The Remuneration Committee is confident that this is consistent with the pay, reward and progression policies for the Company’s UK employees. The Committee will continue to monitor the CEO pay ratio and gender pay gap statistics as part of its overview of all employee pay. Comparison with the 2020 ratio The changes in employee mix and the reduction of management layers across the business has reduced the average cost of total pay for employees. The Company regularly benchmarks salaries and benefits to the market and the Committee is confident they are set at appropriate levels. Percentage annual change in remuneration of Directors and employees of Just Group plc (unaudited) The table below shows the percentage change in salary, taxable benefits and STIP in respect of each Director earned between 2020 and 2021, compared to that for the average employee of the Group (on a per capita (FTE) basis). The movement in the percentage change of benefits for Andy Parsons is due to his travel allowance being removed after his first 12 months of employment. Percentage change between 2020 and 2021

Base salary

Benefits

Annual bonus

1 All permanent employees (excluding the Executive Directors) of the Company in the UK who were in employment during the two calendar year periods of 2020 and 2021 were selected as the most relevant comparator. 2 John Hastings-Bass joined Just Group with effect from 13 August 2020. In order to compare his remuneration year on year, his fees for 2020 have been adjusted to reflect a full year appointment to the Board. 3 Keith Nicholson retired as Senior Independent Director from the Board on 31 December 2021 and Clare Spottiswoode will step down on 10 May 2022. 4 Michelle Cracknell joined Just Group with effect from 14 May 2020. In order to compare her remuneration year on year, her fees for 2020 have been adjusted to reflect a full year appointment to the Board. 5 Kalpana Shah joined Just Group with effect from 1 March 2021.

Average employee 1 David Richardson

2.5%

2.2%

-7.4%

Executive Directors

1% 0% 0% 0% 0% 0% 0% 0% 0% n/a

-2%

-6%

Andy Parsons

-51%

0% n/a n/a n/a n/a n/a n/a n/a n/a

Non-Executive Directors

John Hastings-Bass 2

n/a n/a n/a n/a n/a n/a n/a n/a

Keith Nicholson 3

Clare Spottiswoode 3

Paul Bishop Ian Cormack Steve Melcher

Michelle Cracknell 4

Kalpana Shah 5

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