FINANCIAL STATEMENTS
STRATEGIC REPORT
GOVERNANCE
DIRECTORS’ REMUNERATION REPORT
IFRS NET ASSETS
NEW BUSINESS PROFIT 1
£ 2,440 m 2020: £2,490m
£ 225 m 2020: £199m
ORGANIC CAPITAL GENERATION 1
IFRS (LOSS)/PROFIT BEFORE TAX
£ 93 m 2020: £221m
£ (21) m 2020: £237m
Return on Equity 1
ADJUSTED OPERATING PROFIT BEFORE TAX 1 £ 238 m 2020: £239m
9% 2020: 10%
1 Alternative performance measure.
I am pleased to present the Remuneration Committee Report for the year ended 31 December 2021.
STATEMENT FROM THE CHAIR OF THE REMUNERATION COMMITTEE
Dear Shareholder
The business’ focus has shifted from achieving capital self-sufficiency to delivering profitable and sustainable growth for shareholders. The continued commitment shown by Just’s leaders, managers and colleagues has delivered strong performance in 2021 and the Committee is satisfied that the approach to reward continues to support the strategic priorities of the business. In 2021 the business more than doubled underlying organic capital, which provides the capital for investment in the business to accelerate innovation and to deliver growth, benefiting our customers and generating value for shareholders. Management made good progress with the Group’s lead regulator, the PRA. This included receiving their approval to make a change to the Group’s Solvency II internal capital model, providing valuable clarity in the treatment of lifetime mortgages. Alongside the good progress being made on the financial and regulatory business priorities, the Group received well-deserved external recognition for products and service to customers (see page 3 for details), and the highest engagement survey results as reported in page 30, recognising Just as a two star organisation with Best Companies. The entire business is immensely proud of achieving these awards. Our “Conversations with the Board” provide colleagues with the opportunity to meet Board members and hear their views on certain topics, followed by questions. In 2021 these have focused on culture and remuneration and specifically on Executive Director pay. 2021 has required agility in Just’s “ways of working” as the pandemic ebbed and flowed in the UK and South Africa. Following investment in our buildings, technology and people, a hybrid working trial was undertaken at the end of the year and will be implemented and embedded in 2022. The new hybrid approach is aligned with the engagement priorities of the business, a better work-life balance for colleagues and support positive customer outcomes.
IAN CORMACK Chair, Remuneration Committee
COMMITTEE MEMBERSHIP Ian Cormack Chair John Hastings-Bass Group Chair
Steve Melcher Independent Non-Executive Director Michelle Cracknell Independent Non-Executive Director
Committee meeting attendance can be found on page 77.
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