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Capital Requirements Directive IV ("CRD IV") is an EU legislative package covering prudential rules for banks, building societies and investment firms. Virgin Money complies in full with Articles 92 to 95 of CRD IV regarding remuneration. Virgin Money’s full compliance to CRD IV also satisfies the requirements on remuneration under Article 14(b) of the UCITS Directive.

On an annual basis, Virgin Money identifies those colleagues whose professional activities have a material impact on our risk profile and manages their remuneration accordingly. In particular, when establishing and applying total remuneration policies, Virgin Money complies with the principles outlined in Article 92 in a way and to the extent that is appropriate to our size, internal organisation and the nature, scope and complexity of our activities. For more details, our approach to remuneration is set out in our latest Pillar 3 disclosures. Our Remuneration Committee (constituted in accordance with Article 95) is comprised of independent Non-Executive Directors.

The Annual Report & Accounts highlight that appropriate ratios are set between fixed and variable pay and our approach to variable remuneration is consistent with Article 94. In particular, variable pay is deferred over a number of years and is subject to malus/clawback arrangements.

Virgin Money does not benefit from government intervention, so Article 93 is not applicable to us.