IG Group is to conduct a complete review of its executive remuneration policy.
The decision, which was outlined in the derivitave trader’s Preliminary results for the year ended 31 May 2013, was taken to reflect a realistic view of the medium-term growth prospects of the organisation.
The report also disclosed that employee remuneration costs decreased by £6.4 million to £86.3 million in the year, down from £92.7 million in 2012. This fall was due to a £10.6 million reduction in performance-related bonus awards.
The organisation also offered staff in Australia, the UK and the US the opportunity to acquire shares under various share incentive plans (Sips).
Jonathan Davie, chairman of IG Group, said: “I have spent time with our leading shareholders to seek their views on the design of a remuneration package which aligns management with shareholders’ interests and incentivises them competitively for the long term.
“This resulted in the proposal that we are putting before shareholders at our forthcoming annual general meeting (AGM) [in September].”