Just group PLC | Annual Report and accounts 2022
DIRECTORS’ REMUNERATION REPORT continued
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 2022.
£’000
Total pay and benefits
Salary component of total pay
25th percentile 50th percentile 75th percentile
34 56
25 45 72
100
Group Chief Executive
2,463
606
The Group Chief Executive Officer was paid 44 times the median employee in 2022. The Remuneration Committee is confident that this is consistent with the pay, reward and progression policies for the Company’s UK employees. The base salary and total remuneration for the CEO and the median representative employee are competitively positioned within the relevant markets and reflect our remuneration structures which are effective in appropriately incentivising and rewarding employees for both what they achieve, as well as how they do so, while having due regard to our risk appetite. Just provides competitive reward and benefit packages to all employees ensuring pay is at or above the real living wage, while allowing for full participation in the pension arrangements. We have a career progression framework for our operations teams providing incremental salary increases as they develop in role and gain new skills. Annual benchmarking is conducted for all roles and corrective action taken where an individual is remunerated below the target level. Our competitive pension scheme provides for employer contributions of up to 10%. We have a comprehensive benefits package allowing employees to select benefits of value to them and employees are invited to participate in the annual SAYE offering. The Committee will continue to monitor the CEO pay ratio and gender pay gap statistics as part of its overview of all employee pay. 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 2022, 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 between 2020 and 2021 is due to his travel allowance being removed after his first 12 months of employment.
Percentage change between 2021 and 2022
Percentage change between 2020 and 2021
Base salary
Benefits
Annual bonus
Base salary
Benefits
Annual bonus
Average employee 1 David Richardson
5.85% 1.51% 1.45%
1.06% 1.16% 1.01%
-2.80% -4.37% -4.44%
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
0% 0% 0% 0% 0% 0% 0% 0%
n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a
Non-Executive Directors
John Hastings-Bass 2
Keith Nicholson 3
Clare Spottiswoode 3
Paul Bishop Ian Cormack Steve Melcher 5
Michelle Cracknell
Kalpana Shah 4
1 All permanent employees (excluding the Executive Directors) of the Group in the UK who were in employment during 2020 and 2022 were selected as the most relevant comparator. This was chosen as the listed Company has no employees. 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 stepped down on 10 May 2022. 4 Kalpana Shah joined Just Group with effect from 1 March 2021. In order to compare her remuneration year on year, her fees for 2021 have been adjusted to reflect a full year appointment to the Board. 5 Steve Melcher retired from the board on 31 December 2022.
Relative importance of spend on pay (unaudited) The table below illustrates the relative importance of spend on pay compared to shareholder dividends paid.
Year ended 31 December 2022
Year ended 31 December
2021 % difference
106.3
Total personnel costs (£m)
101.5
+4.7%
15.5
Dividends paid (£m)
–
n/a
112
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