Terms of reference for the Remuneration Committee
(a) To approve on behalf of the Board of Trustees:
(i) The employment contracts, annual salary and remuneration review and any termination agreements for the Chief Executive, his/her immediate subordinates and other key staff. For information purposes the Committee will also receive details of the salaries of the senior management. Whilst the Chief Executive is solely responsible for determining salaries at this level, the provision of such information could be required for due diligence purposes.
(ii) Employment policy for all staff, including pension schemes, and any general arrangements for performance related pay.
(iii) Annual salary budget changes.
(iv) Fees and other remuneration to be paid to any trustee for any services to the IET (eg honoraria etc); such payments to be declared in the IET’s annual accounts.
(v) Any offer of a non-executive directorship or other external appointment to the Chief Executive or other senior staff, whether remunerated or not.
(b) To consider the Chief Executive’s recommendations on the treatment of material benefits associated with employment of any member of staff.
(c) To report to the Board of Trustees. A formal report to be submitted annually for noting by the trustees. The content of these reports should be broadly based and provide information such as the nature of salary changes and not the salary details of individuals.