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Our reward policy motivates employees to focus on business and personal objectives, deliver and sustain outstanding performance and act in line with our values. Assessing 'how' an individual has achieved an objective, as well as 'what' has been achieved, is a key component of our performance process and remuneration decisions.

Our reward policy support a One Bank performance-oriented culture, ensuring that individual rewards and incentives relate directly to individual employee performance, the business unit they operate in and the Bank's overall performance. Our rewards are also competitive within the external marketplace, allowing us to attract and retain talented employees of the highest quality internationally.

Our performance award plans deliberately do not contain any direct formulaic link between business income and individual reward, thus avoiding the shortcomings of typical incentive plans based purely on short-term financial results.

We have carried out a fundamental review of the way we set performance expectations and reward all our staff in Consumer Banking to ensure that our customer focus is reflected across our processes.

We have rolled out a consistent framework of scorecards and incentives that encourage our front-line staff to clearly focus on addressing customer needs. This represents a significant step towards a model which rewards balanced performance, including service quality and compliance metrics. We have also modified our approach to targets to ensure that staff are not placed under undue pressure.

We have put in place a deferral element to ensure our staff focus on customer experience and longer term sustainable performance.

We have also reviewed scorecards for all Consumer Banking roles to ensure they are focused and rewarded on a broader range of performance measures than financial performance alone. When allocating reward we take into account a range of financial and non-financial metrics including net promoter scores, employee engagement, audit ratings and operational risk assessment. This ensures we reward the right behaviours.

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Annual Report and Accounts 2009