This Committee is mandated to deal with staff development and formulate remuneration policies for the entire First Mutual Group, as well as to approve remuneration packages for executive directors and senior executives. The Committee is responsible for reviewing the supporting organisational structure in line with the strategy and makes recommendations to the Board. It reviews recruitment procedures and strives to ensure that staff remuneration packages remain competitive.

The Committee seeks to ensure that the Group is geared to compete at the highest level by attracting and retaining high calibre individuals who will contribute fully to the success of the business. Accordingly, a performance related profit share is offered in addition to a basic salary package whilst a discretionary share option scheme is in place for eligible staff members who achieve certain performance ratings. Under the share option scheme, allocations are made annually at the market value at date of allocation and may be exercised subject to the rules of the scheme only after periods of between one and three years. The Committee draws on external market survey data from independent advisors to ensure that the remuneration policy is appropriate. As well as recommending the remuneration of Non-Executive Directors to the Board, the Committee acts as a Nominations Committee for Directors to Boards of companies in the First Mutual Holdings Group. In addition, the Committee considers wider corporate governance issues and related party transactions.