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Remuneration Policy Statement
Overview
QMPF LLP is a corporate finance advisory firm focused on the education, energy and low carbon, infrastructure and property sectors. Under the Investment Firms Prudential Regime, the firm is categorised as a small and non-interconnected institution (SNI) and as such, the firm’s remuneration arrangements and disclosure reflect the rules of the FCA’s MiFIDPRU rulebook (including disclosure at MiFIDPRU 8.6) that are relevant to SNI firms. The firm is subject to the basic requirements of the MIFIDPRU Remuneration Code (as laid down in Chapter 19G of the Senior management arrangements, Systems and Controls sourcebook in the FCA Handbook (“SYSC”)).
Characteristics of the Firm’s Remuneration Policy and Practices
Remuneration at QMPF LLP is made up of fixed and variable components. The fixed component is set in line with market competitiveness at a level to attract and retain skilled staff, which typically include fixed salary, leave and various other allowances where applicable.
Variable remuneration has two components:
- Bonuses
Bonus is paid on a discretionary basis at a varying percentage of fixed remuneration and takes into consideration the Firm’s financial performance and the financial and non-financial performance of the individual in contributing to the Firm’s success.
All staff are subject to annual performance review before a bonus is awarded. The review covers a variety of areas, as applicable to each individual’s roles and responsibilities, including but not limited to contribution to revenue generation, business development including client recruitment and retention, transaction success, personal development, team development etc.
- Profit Share
Senior staff (generally Associate Director and above) are offered the chance to participate in a scheme that allows them to benefit from a share of the profits generated by the firm each year.
Partners in the firm share the remaining profits between them in line with the LLP agreement that governs their relationship. This is their only remuneration and is variable in its entirety.
Governance and Oversight
The Partners are responsible for setting and overseeing the implementation of the remuneration policy and practices. In order to fulfil its responsibilities, the Partners:
- are able to exercise competent and independent judgment on remuneration policies and practices and the incentives created for managing risk, capital, and liquidity.
- prepare decisions regarding remuneration, including decisions that have implications for the risk and risk management of the Firm.
- ensure that the Firm’s remuneration policy and practices take into account the public interest and the long-term interests of partners, clients, staff, and other stakeholders in the Firm.
- Ensures that the overall remuneration policy is consistent with the business strategy, objectives, values, and interests of the Firm and of its clients.
QMPF LLP’s remuneration policy and practices are reviewed annually by the Management Committee. As an SNI business, the firm is not required to appoint a remuneration committee.
Quantitative Remuneration Disclosure
For the financial year 1 March 2022 to 28 February 2023, the total amount of remuneration awarded to all staff was £2.9m. For these purposes, ‘staff’ is defined broadly, and includes, for example, employees of the Firm itself and the partners. The ratio between fixed and variable component (bonus and profit share) is approximately 1:2.8, noting Partner remuneration is entirely variable. Excluding partners, who are the sole owners of the business and take their sole remuneration through distribution of the profits of the firm, the ratio of fixed to variable remuneration is 1 : 0.61