Funding Circle is to review its remuneration policy this year and introduce an all-employee share incentive plan for staff.
The publicly-listed peer-to-peer business lender published its annual report today (3 April) showing its executive and non-executive directors will not receive any salary or fee increases during 2020.
Subject to shareholder approval, all employees – known as “circlers” – will participate in a share incentive plan that will involve annual grants up to the free share award limit of £3,600.
“In 2020 we have launched our circler promise – our employee value proposition,” Cath Keers, chair of Funding Circle’s remuneration committee, said.
“As part of this we have an all-circler new approach to reward other than the executive directors.
“This approach reflects the share price of the company to date, as well as taking into account the feedback received from circlers as part of engagement with them during 2019.”
The remuneration review will ensure the platform’s pay policy “appropriately incentivises the executive directors to deliver the company’s strategic goals and create long-term shareholder value.”
From 2020, the global leadership team, the leadership team, and other management roles and senior technical specialists will also participate in an annual bonus plan, the report said.
The report shows Funding Circle employees received an average four per cent salary increase last year.
The median salary was £45,818, with the lower quartile receiving £27,576 and the highest receiving £78,798 on average.
Chief executive Samir Desai’s base salary was £210,000 while former chief financial officer Sean Glithero received £300,000.
Funding Circle said it still hoped to hold its annual general meeting on 20 May but requested that shareholders vote by proxy.
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