Decision details

Increase in Allowance to Independent Remuneration Panel Members

Decision Maker: Head of Finance

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

We currently pay our Independent Remuneration Panel members £200 a year. This has not altered since they Panel was first set up in around 2002, so they are due to receive an increase. According to a website called Inflationtool.com £1 in 2002 would be worth £1.46 now. If we round this up to £1.50 the allowance of £200 for each IRP member should be increased to £300.

Decision:

To increase the annual allowance for Independent Remuneration Panel members to £300.

Reasons for the decision:

To increase the allowance in line with inflation.

Alternative options considered:

To keep the allowance at the same level as it has been for the last 10 years or so, taking no account of inflation, which would be unfair.

Publication date: 19/04/2021

Date of decision: 19/04/2021

Accompanying Documents:

  • Increase in IRP SRA