Decision Maker: Head of Finance
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
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.
To increase the annual allowance for Independent Remuneration Panel members to £300.
To increase the allowance in line with inflation.
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: