Back Custom print Link Text Only Rich Text Print

  • HC-5.6 HC-5.6 Senior Management Remuneration

    • HC-5.6.1

      Remuneration of senior management must be structured so that a portion of the total is linked to the insurance licensee's and individual's performance and aligns their interests with the interests of the shareholders.

      January 2011

    • HC-5.6.2

      Such rewards may include grants of shares, share options and other deferred stock-related incentive schemes, bonuses, and pension benefits which are not based on salary.

      January 2011

    • HC-5.6.3

      If a senior manager is also a director, his remuneration as a senior manager must take into account compensation received in his capacity as a director.

      January 2011

    • HC-5.6.4

      All share incentive plans must be approved by the shareholders.

      January 2011

    • HC-5.6.5

      All performance-based incentives should be awarded under written objective performance standards which have been approved by the Board and are designed to enhance shareholder and the insurance licensee's value, and under which shares should not vest and options should not be exercisable within less than two years of the date of award of the incentive.

      January 2011

    • HC-5.6.6

      All policies for performance-based incentives should be approved by the shareholders, but the approval should be only of the plan itself and not of the grant to specific individuals of benefits under the plan.

      Amended: January 2012
      January 2011