Remuneration Policy Disclosure Statement
The MMPI Remuneration Policy is established by MMPI Limited (“the Company”; “MMPI”) pursuant to its requirements under the European Communities (Markets in Financial Instruments) Regulations 2007 (60/2007), as amended; the European Communities Capital Requirements Regulations (575/2013), as amended, together (“the Regulations”); to general good business practice and to the Company’s regulatory and corporate obligations to control business risks; and to protect its good reputation and character.
The MMPI Remuneration Policy is established by the Board of Directors and is designed to ensure a seamless alignment with the Company’s business strategies, risk attitude and regulatory responsibilities.
The MMPI Remuneration Policy reflects the Company’s objectives for strong corporate governance as well as for sustained and long term value creation. The objectives of MMPI’s Remuneration Policy are:-
- to attract, motivate and retain qualified and expert individuals that the Company needs in order to achieve its strategic and operational objectives;
- to recognise and conform to regulatory obligations and corporate and social responsibilities
The MMPI Remuneration Policy is intended to:-
- comply with the company’s statutory obligations;
- achieve transparency and clarity;
- balance short-term operational performance with the medium- and long-term objectives of creating sustainable and persistent value for the business;
- focus on medium- and long-term value creation for all stakeholders;
- ensure variable remuneration components are based on measurable performance criteria;
- achieve reasonable and competitive remuneration levels;
- set a challenge to Directors and Senior Managers that is important for the business and is personally achievable;
- take into account the letter and spirit of various statutory requirements, stakeholder interests, corporate and social responsibilities.
The Board of Directors takes responsibility for the hiring and the continued employment of persons of integrity and good character who are in a position to demonstrate their ongoing suitability to the fitness and probity standards adopted by the Company.
The Board of Directors takes responsibility for the identification and control of all business risks and the Board delegates day-to-day responsibility to senior management of the Company to ensure that all employees are reminded of the importance of adopting all of the Company’s policies and procedures in order to safeguard the Company’s capital position and to protect its good name and character.
It is the policy of MMPI to ensure that it serves its clients’ interests at all times to the very best of its ability by hiring and retaining management and staff of the highest calibre with the ethical will to employ their skills in an appropriate fashion in the performance of their fiduciary duties.
The MMPI Remuneration Policy promotes sound and effective risk management and does not encourage risk-taking that exceeds the level of tolerated risk of the Company. The MMPI Remuneration Policy is in line with the business strategy, corporate objectives, client-relationship values and long-term interests of the Company; and incorporates measures to avoid conflicts of interest. The Board of Directors takes responsibility for the hiring and the employment of persons of integrity and good character who are in a position to demonstrate their ongoing suitability to the fitness and probity standards adopted by the Company.
The following general principles also form an integral part of the MMPI Remuneration Policy:-
- The Board of Directors of the Company reviews and approves the Remuneration Policy periodically and, at least, annually;
- Employees who are engaged in control functions are independent from the business units they oversee, have appropriate authority, and are remunerated in accordance with the achievement of the objectives linked to their functions, independent of the performance of the business areas they control;
- Remuneration is composed, in the normal course, of fixed and variable remuneration (performance-related);
- Fixed remuneration is established in advance and is payable in monthly instalments. Performance-related remuneration is not guaranteed and may not become payable.
- Where remuneration is performance related, the total amount of remuneration is based on a combination of the assessment of the performance of the individual and of the business unit concerned and of the overall results of the Company;
- When assessing individual performance, financial and non-financial criteria are taken into account;
- The assessment of individual performance is set in the context of multi-year achievements in order to ensure that the assessment is based on longer-term performance and that the actual payment of performance-based remuneration is spread over a period that takes account of the underlying business cycle of the Company;
- The total of performance-based remuneration will not limit the ability of the Company to strengthen its capital base.
Remuneration Policy Disclosure Statement v3.0 September 2015