The UK Higher Education sector has a worldwide reputation for excellence and furthermore is a major contributor to the UK economy. Good governance is fundamental to this success. As a sector HE strives to apply the highest standards of governance to itself and it is important to demonstrate transparency around those policies and processes in order to maintain itself as a world-class international enterprise.
The overall goal of our approach to senior staff remuneration is to offer pay levels appropriate to attract, retain and motivate senior staff with the appropriate skills and qualifications to lead the delivery of the University’s mission and strategic objectives. Within this goal we seek:
To attract appropriate skills from either the HEI sector or, where appropriate outside that sector, we offer remuneration packages* appropriate to a leading University operating in a competitive market To incentivise delivery of above-benchmark levels of performance, remuneration may include a performance-related element. This may include one-off payments for specific achievements or temporary additional responsibilities or consolidated awards for sustained performance
To retain key staff for critical periods we may also make use of market-related adjustments These issues are considered on an annual basis by the Remuneration Committee of Council in relation to twelve senior posts and by the Professorial Remuneration Committee in relation all all other senior posts. Minutes of the Remuneration Committee of Council are submitted to the meeting of Council.
Decisions are based on an independent assessment of performance against objectives (both individual and University), market information, relevant benchmark data and other issues regarding the criticality of the role to the delivery of the University’s strategic objectives. All decisions are taken in accordance with the University’s commitment to equality and diversity and having due regard to guidance issued by OfS and CUC and taking external advice when required.
As a charity, the University also recognises that this status is a fundamental part of the decisions regarding pay for all employees, particularly senior staff. Students and staff are important stakeholders in the University and we recognise that the reputation of the University as an education provider and employer can be influenced by perceptions of value for money and the way in which senior pay is set and governed.
*The term ‘remuneration package’ may include any combination of basic pay, other financial allowances, non-financial benefits in kind such as private healthcare or indeed other specifics associated with the role.
This broad, preliminary statement outlines current practice for the governance of senior staff remuneration. It will be refreshed following engagement with a broad range of relevant stakeholders