The purpose of the Remuneration Code is to ensure firms establish, implement and maintain remuneration policies, procedures and practices that are consistent with, and promote, sound and effective risk management.
As a full-scope AIFM Partners Group (UK) Ltd "PG UK" is required to comply with the provisions of SYSC 19B in relation to its remuneration procedures.
The Remuneration Code applies to ‘Remuneration Code Staff’ (‘Code Staff’). This includes senior management, risk takers, staff engaged in control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the PG UK’s risk profile.
Remuneration at PG UK is made up of fixed (‘salary’) and variable (‘bonus’) components.
Salary is set in line with the market at a level to retain, and when necessary attract, skilled staff.
Variable remuneration is determined by reference to individual and departmental performance and, in all cases, is subject to group-wide performance. Individual performance is primarily determined through an annual appraisal process which involves setting qualitative and quantitative individual and departmental goals.
Performance is periodically assessed against the plan and is the basis for measuring the individual performance. Partners Group does not link variable remuneration to a mechanical measure of performance and the successful achievement of quantitative goals can be overridden by qualitative measures of performance.
Partners Group’s Nomination and Compensation Committee are responsible for approving the group-wide remuneration practices. Further details are available within the Partners Group Compensation report which is available at the Partners Group website.
Financial Services Compensation Scheme
Partners Group (UK) Ltd is covered by the Financial Services Compensation Scheme and if it cannot meet its obligations to investors, they may be entitled to compensation from the scheme. The outcome depends on the circumstances of the claim.