THE UNITE GROUP PLC Annual Report and Accounts 2024 113 NICKY DULIEU CHAIR OF THE REMUNERATION COMMITTEE in Net Promoter Scores during the year. Our employee engagement score also saw a further improvement, recognising a new performance management framework and further efforts to empower colleagues at all levels of the organisation. On the final objective – being a Great Place to Invest – this year’s financial highlights included a 16.1% increase in adjusted earnings (5.2% on a per share basis), and a total accounting return of 9.6% driven by 5.7% growth in EPRA NTA and record dividends paid. A successful £450m capital raise in the summer further strengthened our balance sheet and provides the Group with an opportunity to accelerate its investments into development and value-add assets which will deliver on our longer-term growth ambitions. SALARIES Joe Lister’s starting salary as CEO – £606,900 – was aligned with that of his predecessor, taking into account the 2024 senior management pay increase of 5%. Mike Burt’s starting salary as CFO was set at £393,750. The average salary increase across the Group was 8.8%, with a tiered approach focusing on lower- paid colleagues. ANNUAL BONUS The annual bonus scheme was operated in line with the policy for Executive Directors in 2024. Following a review of performance against targets set at the start of the year, the Committee confirmed that Executive Directors will each receive bonuses of 67.0% of maximum (equating to 93.8% out of a maximum of 140% of salary). The Committee has reviewed this payout in the context of overall Group performance and believes that the outcome is both fair and appropriate. Further details, including bonus targets and outcomes, are included on page 129. LONG-TERM INCENTIVES Following the publication of TAR results by comparators with March 2024 year-ends, the Committee confirmed the final vesting of the 2021 LTIP awards as 76.0%, consistent with the estimated outcome presented in last year’s report. LTIP awards made in April 2022 reached the end of their performance period as at 31 December 2024. These awards were based on a combination of absolute EPS, relative TSR, relative TAR and two ESG metrics – operational energy intensity and EPC ratings. Based on performance recorded over the period, overall estimated vesting of the 2022 LTIP is 64.0%. Vesting of the relative TAR element will be finalised following the publication of comparator results over the coming months. Further details are included on page 130. In April 2024, Executive Directors were each granted an award under the LTIP which will vest based on performance over the three financial years to 31 December 2026. Stretching targets for the relative TAR, relative TSR, operational energy intensity and EPC ratings elements were disclosed prospectively in last year’s report, while setting of the absolute EPS targets was delayed and disclosed in the 10 April 2024 market announcement. Any award vesting will be required to be held for an additional two-year period. Further details on this award are included on page 131. KEY RESPONSIBILITIES • Review, recommend and monitor the level and structure of remuneration for Executive Directors and other senior executives. • Approve the remuneration packages for the Executive Directors and other senior executives, reflecting the performance of the Company. • Determine the balance between base pay and performance-related elements, to align with shareholder and stakeholder interests.