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A message for members on Directors’ remuneration in light of COVID-19

A message for members on Directors’ remuneration in light of COVID-19

For those of you who are working on the front line of the UK's response to COVID-19, I wish to thank you on behalf of everyone at Wesleyan.

We are proud to create brighter financial futures for the UK's most trusted professions and your ongoing sacrifice and commitment has inspired us all to go the extra mile in order to support you in the best ways we can.

In recent weeks, we proudly announced a package of measures designed specifically to support our key workers both now, and in the months ahead. We have put a particular focus on the mental health and wellbeing needs of front line staff which will undoubtedly be impacted by this tragedy.

Whilst it was too late to include in our Annual Performance Review documents, I wanted to share with you some additional personal commitments made by our Board of Directors to show our huge gratitude for the work being undertaken by the UK's key workers.

Each of the non-executive directors has declined the scheduled increase in their pay and allowances for 2020. They have also pledged 10% of their salaries to charity for the next 6 months. I won't be taking my agreed pay rise and will donate 20% of my salary.

Wesleyan's CEO has also pledged his support with a personal donation of 10% of salary for the next six months.

These donations will be made to various charities that further support the Wesleyan Foundation's COVID-19 response supporting our chosen professions.

Commitment from our Senior Leadership Team

Whilst it is too early to accurately forecast the impact of COVID-19 on our profitability in 2020, we recognise that it is going to be a difficult year in terms of trading for the Group. With that in mind I can confirm that Wesleyan's Group Executive Committee Members have pledged to forego any performance related bonus that may be due to them for their performance this year.

As a mutual with the interests of our members and communities at heart, we hope that our charitable donations paired with our unwavering focus on your financial futures will in some way help members and frontline workers at this challenging time.

Thank you for your ongoing support of Wesleyan, it is truly appreciated.

Nathan Moss

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