How we’re rewarded
The executive remuneration policy is set by the remuneration committee and is governed by these guiding principles:
Alignment to shareholder interests; and
Performance of the group.
Reward at Beazley is centred around the following incentive initiatives:
Long Term Incentive Plans (LTIPs) – these represent performance linked share options which are dependent on the group achieving pre-defined financial targets;
Performance related pay (PRP) – is allocated to underwriters based on the profitability of their portfolios;
Enterprise bonus pool – this is a discretionary annual bonus determined by group performance and distributed both in cash and shares; and
Other share schemes – the group uses a number of other schemes to incentivise and retain staff through share ownership.
Further details of the reward policy is set out in the directors' remuneration report.