Ivory's Board is ultimately responsible for the remuneration framework and its implementation. The Board has established a Remuneration and Nomination Committee to oversee the design, operation and monitoring of the remuneration framework. This includes providing advice to the Board on the Remuneration Policy, making recommendations to the Board on remuneration arrangements and variable remuneration outcomes that are aligned with company and individual performance and risk outcomes reflecting any appropriate adjustment.

The Remuneration and Nomination Committee makes recommendations to the Board after seeking input from the Chair of the Risk and Compliance Committee and the Chief Risk Officer on risk outcomes. The Remuneration and Nomination Committee meets twice per year or more frequently as required.

The remuneration framework is structured so that a variable incentive pool is available to key personnel, subject to the discretion of the Board. It is assessed upon achievement of key deliverables in the business plan, strategic objectives and adherence to the risk management framework, including management of financial and non-financial risks.

The Remuneration Policy outlines that:

• the policy applies to persons in senior manager or risk and financial personnel roles

• variable remuneration is based on consideration of both company and individual performance

• variable remuneration outcomes reflect performance against the business plan, including financial results and progress on strategic objectives. Adjustments may be applied where non-adherence to the risk management framework may impair risk outcomes and longer-term performance.

• an adjustment will be applied to variable remuneration in the event of misconduct leading to significant adverse outcomes, a significant failure of financial or non-financial risk management, a significant failure or breach of accountability, fitness and propriety, or compliance obligations, a significant error or a significant misstatement of criteria on which the variable remuneration determination was based, or significant adverse outcomes for customers, beneficiaries or counterparties. Variable remuneration adjustment tools include board discretion at each decision point, in period adjustments, malus and, where appropriate, clawback.