LSE 20.00p at 16:14 GMT Revolución de Cuba Revolution Bars Open search form Remuneration Committee HOMEINVESTORSCORPORATE GOVERNANCEREMUNERATION COMMITTEE INVESTORS Investment case Share price centre AIM Rule 26 Results Centre Shareholder centre Corporate Governance Board Committees Remuneration Committee Audit Committee Nomination Committee Corporate and Social Responsibility Remuneration Committee THE GROUP’S REMUNERATION POLICY AIMS TO PROMOTE A STRONG AND SUSTAINABLE PERFORMANCE CULTURE, TO INCENTIVISE HIGH GROWTH AND TO ALIGN THE INTERESTS OF EXECUTIVE DIRECTORS AND OTHER SENIOR MANAGERS WITH THOSE OF SHAREHOLDERS. IN PROMOTING THESE OBJECTIVES, THE DIRECTORS' REMUNERATION POLICY HAS BEEN STRUCTURED SO AS TO ADHERE TO THE PRINCIPLES OF GOOD CORPORATE GOVERNANCE AND APPROPRIATE RISK MANAGEMENT. In determining remuneration levels, the Committee has taken account of market conditions, the performance of the Group and its responsibility to shareholders. PERFORMANCE AND REWARD IN RELATION TO THE 53 WEEKS ENDED 3 JULY 2021 COVID-19 has continued to severely impact the performance of the business following ongoing forced closures, tier systems and significant restrictions on trade. When permitted to trade, the business has performed well. Management is also pleased with the return of customers and sales since the reopening of hospitality on 12 April 2021, which again was restricted by outdoor trading until 17 May 2021, and then social distancing restrictions for the remainder of the period. Pent-up demand continues to entice our young customer base back, and the Group remains hopeful for a sustained return to normality and positive trading through FY22. Due to lengthy closure periods and restrictions on trading, the priorities of the senior team shifted to ensuring the survival of the business through careful cash management, engaging with all stakeholders including suppliers and landlords to elicit support, ensuring that the Group was able to take maximum advantage of the many forms of Government support, and improving cash liquidity through agreeing a substantial increase in debt funding facility and two equity fundraises. This has continued to be a period like no other in the Group’s history, and one that has stretched the senior management team to new limits. Rarely does such good underlying business progress and high personal performances go without reward. However, the management team, working closely with the Committee throughout this difficult period, agreed significant salary reductions to support the business and to show solidarity with many other stakeholders who have provided support through this challenging period, and concluded that it was not appropriate to operate an annual bonus plan for the FY21 financial period notwithstanding the management team’s strong personal performance. IMPLEMENTATION OF THE POLICY IN FY22 COMMITTEE ACTIVITIES SHAREHOLDER FEEDBACK The Committee is committed to consulting with its major shareholders and the main shareholder representatives, both when material changes are being made to the Remuneration Policy and in respect of the implementation of the Policy. As set out in the Annual Report on Remuneration, the Company’s NOMAD and major shareholders were consulted in respect of the implementation of the Policy for FY22. On behalf of the Board, I would like to thank shareholders for their continued support, and I look forward to your approval of our Directors’ Remuneration Report at the forthcoming AGM. Jemima Bird Chairman of the Remuneration Committee 15 November 2021 Download report FOLLOW US Facebook Twitter Linkedin Instagram © Revolution bars Group Plc Revolución de CubaRevolution BarsPrivacyTerms of UseAccessibilitySite mapUpdatesemperor.works By continuing to browse this site you are agreeing to our use of cookies. Read more about our cookie policy Accept cookies