MIFIDPRU Renumeration Disclosure

Epworth Investment Management Ltd – FRN number 175451

Small Non-Interconnected “SNI” MIFIDPRU Investment Firm – Remuneration Disclosure

Epworth Investment Management Ltd (Epworth) is subject to the Alternative Investment Fund Managers Directive (“AIFMD”). As a Collective Portfolio Management Investment Firm, Epworth must comply with the AIFM Remuneration Code in SYSC 19B for its AIFMD activities; and also comply with the Financial Conduct Authority (“FCA”)’s Remuneration Code in SYSC 19G in relation to its MiFID type activities and MIFIDPRU 8.6.

All staff are employed by the Central Finance Board of the Methodist Church (CFB), Epworth is a wholly owned subsidiary of the CFB. All employees are employed by the CFB and seconded to Epworth.

Epworth’s Remuneration policy is straightforward and “plain vanilla”. Epworth has implemented policies, procedures, and practices in order to identify, measure, manage and monitor risk. These are proportionate given the nature, scale and complexity of the Firm’s activities and it risk tolerance. Remuneration is recommended by the CEO and approved by a delegated Committee of CFB Council, the remuneration committee (led by the Chair). In accordance with SYSC 19B.1.7 and 19B.1.8 Epworth’s Remuneration Policy will be reviewed annually by the governing body to ensure that it remains consistent with the Remuneration Code Principles. Remuneration decisions aim to pay staff a fair rate for undertaking their jobs, dependent upon their level of skill and experience. Each staff member is paid a fixed salary. The CFB Council is independent from the business and ensures that there is control over potential conflicts and provides proportionate and appropriate independence. From time to time the CFB Operates a bonus scheme linked to the financial performance of the Group.. All staff who are in role at both the commencement and end of the bonus period are eligible to participate and others at the CEO’s discretion. Epworth uses a series of Key Performance Indicators to assess individual performance. KPI’s are varied and tailored to the member of staff but could include obtaining a professional qualification, achieving agreed sales target, or delivering a project in time and on budget. The allocation of any “bonus pool” is determined by a combination of the annual performance development review process and the individual’s performance in relation to appropriate Key Performance Indicators.

The bonus scheme does not have any non-cash or deferred element. The scheme is designed to reward good performance.

Where a bonus scheme is applied the amount available for distribution to staff, in any “bonus pool” is calculated by reference to CFB’s consolidated financial performance. The total bonus pool is limited to 15% of the annual salary cost of the Group. The distribution of this pool will be determined by individual performance, although no member of staff may receive more than 30% of their annual salary as a bonus. Individual performance will be assessed by reference to individuals Performance Development Reviews and relevant Key Performance Indicators. The last bonus payment was made in 2018.

The Governing Body is responsible for the total process of risk management, which includes remuneration risk. The Governing Body, in liaison with senior management, sets the risk profile of the Firm and its related policies and procedures.

Epworth has not had any exceptional Government intervention during the period.

Remuneration Disclosure

Remuneration Disclosures * Financial year 2022 – 2023 (1st March 2022- 28th February 2023)
Fixed Remuneration Costs£2.24mn
Variable Remunerations Costs£0.00