Virgin Money UK PLC
Virgin Money UK PLC, and its subsidiary undertakings comply with the Prudential Regulation Authority's (PRA) Rulebook Remuneration and the Financial Conduct Authority's Senior Management Arrangements, Systems and Controls Handbook (SYSC) 19D. These rules aim to ensure that firms have risk-focused remuneration policies, which are consistent with and promote effective risk management and do not expose them to excessive risk.
The Remuneration disclosures in respect of the 2018 performance year are set out at the end of the Directors’ Remuneration Report section of the Annual Report and Accounts 2018 (PDF, 5.64 MB, opens in a new window).
Additional information summarising the Group’s decision-making policies for remuneration are also provided. These disclosures deliver the requirements of CRR Article 450.
Debbie Crosbie has informed the Board of her intention to step down as Group Chief Operating Officer and an Executive Director of the Company. Debbie stepped down from the Board with effect from 19 November 2018 and after a handover period will be placed on gardening leave until her employment with the Company ceases on a date to be agreed. In line with her contractual arrangements and the circumstances of her departure, Debbie will not receive any compensation for loss of office. Debbie will continue to receive her salary, car cash allowance, cash in lieu of pension benefit funding up to her departure date. From her departure date she will be paid in lieu of notice for the balance of her 12 month notice period until 18 November 2019 (or such earlier dates as may be agreed) subject to customary mitigation provisions. No other remuneration payments will be made in connection with her departure. In accordance with the rules of the CYBG share plans, Debbie's outstanding 2017 deferred bonus, 2015 Demerger LTIP, 2016 LTIP and 2017 LTIP will lapse on her departure from the Company. In accordance with the rules of the CYBG share plans, Debbie's outstanding awards will lapse on her departure from the Company. The awards granted to Debbie by National Australia Bank (NAB) under the NAB share plans will continue to vest and the treatment of the awards in the future will be determined by NAB in accordance with rules of the NAB share plans.