Remuneration Committee

The Terms of Reference of the Remuneration Committee are:

The Terms of Reference of the Remuneration Committee are - taking account of the requirements of the Office for Students and guidance issued by the Committee of University Chairs - to:

(a)

Develop an overall reward strategy and policy to cover the remuneration, benefits and conditions of employment of the senior officers of the University.

(b)

Review and determine the remuneration, benefits and conditions of employment of the University Executive Board, namely:

• President and Vice-Chancellor

• Senior Vice-President and Provost

• Vice-Presidents and Deputy Vice-Chancellors

• Faculty Pro-Vice-Chancellors and Executive Deans

• Senior Vice-President and Registrar and Secretary

• Chief Digital Officer

• Deputy Registrar and Executive Divisional Director of Education and Academic Services

• Chief Financial Officer and Executive Divisional Director of Finance, Infrastructure and Commercial Services

• Executive Divisional Director of External Engagement and Global

• Executive Divisional Director of Human Resources

taking account of affordability, securing value for money and comparative information on the remuneration, benefits and conditions of employment in the University sector and elsewhere as appropriate.

(c)

Review any severance terms agreed (under the Committee’s schedule of delegation for senior executive remuneration and severance) for members of the University Executive Board on the termination of their employment, taking account of guidance issued by the Office for Students and the Committee of University Chairs.

(d)

To promote equality, diversity and inclusion through all its decisions.

(e)

Agree an annual framework of work.

(f)

Provide an annual report (for Council and for publication) which is transparent and meets the requirements of good governance in accordance with the CUC Remuneration Code.

(g)

Agree what information about the work of the Committee and executive reward arrangements should be published on the University’s Governance webpages (in addition to the annual framework of work and annual report).

(h)

Ensure appropriate consideration of the interests of the institution along with due regard for the public interest and use of public funds. 

2

Membership

(a)

The membership of the Remuneration Committee is: 

• Chair of Council

• Two Pro-Chancellors

• Two other independent members of Council (one of whom will be the Dual Assurance independent lead for Equality and Diversity) appointed by Nominations Committee

(b)

The Chair will be appointed by Council from among the independent members of the Committee. 

3

Procedures

(a)

The Committee will invite the President and Vice-Chancellor and the Executive Divisional Director of HR to attend part of the Committee’s meetings, in an advisory capacity, as required, to consider the University’s Executive Reward Policy and practices and to provide information and answer any questions from the Committee. As appropriate, the Committee may also invite the Senior Vice-President and Provost and the Senior Vice-President and Registrar and Secretary to attend for specific items.

(b)

The Assistant Director, Governance, will act as Scretary to the Committee. They attend purely in a secretarial capacity and do not have authority to make Committee decisions and are not eligible to vote in meetings. With the exception of the Secretary to the Committee, no other member of staff will be present when the Committee makes decisions on the reward of members of the University Executive Board.

(c)

The Committee will determine its own timetable for meetings but will be expected to meet on a minimum of two occasions each year.

October 2023

The primary purpose of this meeting is to:

• To make decisions on performance awards under the Executive Performance Reward Scheme in respect of the ahcievement of personal and institutional targets for 2022/23
• To finalise the institutional targets for 2023/24.
• To agree text for the Remuneration Committee Annual Report.
• To agree information to be invluded for the annual update for Council (see below).
• Review schedule of external work by member of the University Executive Board in 2022/23.

November 2023

• To review Executive Reward arrangements, including the Executive Performance Reward Scheme.
• Other agenda items to be agreed. 

April 2024

• To review the annual report of the University of Exeter's Remuneration Committee in comparison with the annual reports published by other institutions.
• Other agenda items to be agreed. 

July 2024

• to undertake the annual review of salaries of members of the University Executive Board, taking account of the outcomes of the review Executive Reward arrangements (see above).
• to discuss proposed institutional objectives under the Executive Performance Reward Scheme for 2024/25.