Director, Deferred Compensation

• Awareness and understanding of the Group’s business strategy and model appropriate to the role.

Business

• Awareness and understanding of the wider business, economic and market environment in which the Group operates

Processes

• This role sits within the Executive Compensation and Reward Governance team, which is within the Performance, Reward and Benefits (“PRB”) team in Human Resources
• Responsible for product ownership and advisory guidance on equity and deferred compensation related products, policies and processes on a global basis. Advise and support the Group in relation to best practice, risk management and process improvements for the use and delivery of equity compensation products and processes in the Group. This includes but is not limited to:
  • Collaborating to ensure end to end integration with other people products, processes, technology and communications.
  • Driving the product specialist partnership with other PRB teams including PRB advisory teams and the HR Shared Service Centre to improve risk management and the employee experience.
  • Leveraging the operating model for management of equity plan administration (including the ongoing processes of improvement reviews, risk assessments, mitigation plans, compliance management and reporting). Oversight of the process design and implementation with the HR Shared Service Centre and the shares admin vendors.
  • As required, work with other functions to ensure that the Group’s reward policies and processes are compliant with external reporting regulations and demonstrate best practice in terms of corporate governance and consistent with our listings in London and Hong Kong.
  • Evaluate the competitiveness and effectiveness of Standard Chartered’s equity compensation processes and advise on improvements. This should include reviewing market positioning, regulatory compliance and tax compliance or effectiveness.
  • Assist to maintain positive relationships with external stakeholders (e.g. vendors, auditors, regulators, tax authorities etc) as appropriate
  • Support the execution of PDMR share trading. Provide FCA(MAR)/RNS data to Group Corporate Secretariat (“GCS”) for all share and deferred awards. Liaise with GCS
  • Ensure that shares communications are clear, concise and timely. Carry out reviews of feedback received (e.g. via vendor, AskHR or PRB colleagues) to suggest and implement process improvements. Manage shares and deferred compensation related communications including regulatory buy-out related activity
  • Ensuring compliance with statutory, regulatory and financial reporting requirements such as weekly and annual returns for the PRA, SEHK, Form 42 filing and monthly option balances
  • Support execution ex-post risk adjustment of remuneration (e.g. suspension, malus and claw-back)
• This includes annual discretionary share awards and deferred cash awards to material risk takers and nonmaterial risk takers, buyout and guarantee awards, upfront shares, salary shares and Sharesave.
  • The ongoing processes cover award grants, application of notional dividends, vests and exercises (including taxation and payments), releases of restrictions, lapses/forfeitures, compliance management and reporting.
  • Delivering these processes includes change management and implementation work for any new award types, system updates or new tax, legal, governance or policy requirements.
• Monitor market intelligence on competitor activity and industry best practice.
• Provide support to the Reward Governance team in relation to deferred compensation matters for discussion at the Remuneration Committee and/or Remuneration Adjustment Committee such as suspension, malus or clawback.
• Support the design, maintenance, review and improvement of policies, procedures, guidelines, detailed operating instructions and communication templates relating to share-related and deferred compensation.
• Collaborate and communicate with vendors and other stakeholders to mitigate operational risk and improve the employee experience and the broader understanding of share-related and deferred compensation and end-to-end integration with other people products, processes, technology and communications.
• Co-ordinate the end-to-end share trading process by persons discharging managerial responsibilities (PDMRs) as required.
• Manage the calculation, agreement and execution of recommendations for market purchase of shares and / or subscription for shares by employee benefit trust(s) for share plan purposes and headroom / dilution position.
• Lead management of deferred compensation invoicing, budget and forecast, working with vendors and with HR Finance.
• Manage close period requirements with Compliance, vendors and HR operations Shares Team
• Work with the Director, Deferred Compensation, vendors, HR operations Shares Team and other stakeholders including Executive Compensation, Reward Governance, Group Corporate Secretariat, Group Finance and Group Treasury to manage statutory and financial reporting and regulatory and stock exchange disclosures including in relation to directors’ remuneration report, related party note, regulatory policy submission, PDMRs, pre-issuance notification to the Prudential Regulation Authority, H1 and year-end accounts and input to interim (Q1 and Q3) accounts, monthly reporting to the stock exchange of Hong Kong and annual share plan reporting to HMRC.
• Support effective vendor governance including tracking of delivery against requirements and any service issues.
• Within the above, take leading role, as agreed with the Director, Deferred Compensation in relation to:
  • a selection of key product areas, for example deferred cash, upfront shares and buy-outs
  • a number of key vendors, for example, tax calculation and accounting vendors.

People and Talent

• Lead through example and build the appropriate culture and values. Set appropriate tone and expectations from their team and work in collaboration with risk and control partners
• Ensure the provision of ongoing training and development of people, and ensure that holders of all critical functions are suitably skilled and qualified for their roles ensuring that they have effective supervision in place to mitigate any risks
• Employ, engage and retain high quality people, with succession planning for critical roles
• Responsibility to review team structure/capacity plans
• Set and monitor job descriptions and objectives for direct reports and provide feedback and rewards in line with their performance against those responsibilities and objectives

Risk Management

• Own the “Manage Equity” process under the Group’s Risk Management Framework (including relevant Operational Risk Framework process ownership for Equity and Deferred Compensation Management). Ensure a full understanding of the risk and control environment in area of responsibility

Governance

• Governance: Awareness and understanding of the regulatory framework in which the Group operates and the regulatory requirements and expectations relevant to the role.
• Responsible for assessing the effectiveness of the Group’s arrangements to deliver effective governance, oversight and controls in the business and, if necessary, oversee changes in those areas
• Responsible for delivering ‘effective governance’; capability to challenge fellow executives effectively; and willingness to work with any local regulators in an open and cooperative manner

Finance

• Funding of equity plans and hedging strategy. Execution of market purchase of shares by employee benefit trusts. Monitor of share capital position and funding of the Employee Benefit Trust(s) for share plan purposes and headroom/dilution position
• Responsibility for HR equity disclosures in H1 and full year accounts (inc. notes to financial share statements)
• Responsibility for data underlying equity compensation financial management including the annual P&L charge under IFRS2 and ensure the Group’s plans are compliant with external reporting regulations
• Manage the HR equity compensation budget and forecast, working with HR Finance to ensure appropriate forecasts and accruals are in place

Regulatory & Business Conduct

• Display exemplary conduct and live by the Group’s Values and Code of Conduct.
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
• Lead the deferred compensation team to achieve the outcomes set out in the Bank’s Conduct Principles: The Right Environment
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.

Key Stakeholders

• HR, in particular Reward Governance and other parts of PRB, HR operations teams, HR COO and Talent Acquisition and Employment Relations teams.
• Group functions, in particular Corporate Secretariat, Finance, Treasury, Risk and Compliance, Legal, Supply Chain Management, Technology (from time to time).

Other Responsibilities

• Embed Here for good and Group’s brand and values in Human Resources.
• Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures.

Our Ideal Candidate

• Bachelors degree or higher
• Professional qualification (e.g. ICSA certificate in employee share plans, UK tax (ATT or CTA), corporate secretarial (ICSA/ACIS), accountancy, legal)

About Standard Chartered
We’re an international bank, nimble enough to act, big enough for impact. For more than 160 years, we’ve worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you’re looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents. And we can’t wait to see the talents you can bring us.

Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you’ll see how we value difference and advocate inclusion. Together we:

• Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
• Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
• Be better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term

In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.

• Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations
• Time-off including annual, parental/maternity (20 weeks), sabbatical (12 weeks maximum) and volunteering leave (3 days), along with with minimum global standards for annual and public holiday, which is combined to 30 days minimum
• Flexible working options based around home and office locations, with flexible working patterns
• Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
• A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning
• Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies – everyone feels respected and can realise their full potential.

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