MIFIDPRU 8 Disclosures

DTZ Investment Management Limited
2022 MIFIDPRU 8 Public Disclosures Report

This report, of DTZ Investment Management Limited (the "Company") is in respect of the financial year ended 31 December 2022.

The Company is a small and non-interconnected investment firm ("SNI Firm”) under MIFIDPRU 8. The Company makes the following disclosure in respect of its remuneration policy and practices.
This disclosure has been compiled by the Company in accordance with MIFIDPRU 8 and approved by the board of directors of the Company. All figures are as at 31 December 2022.

Remuneration Policy and Practices
As an SNI Firm, the Company is subject to the basic requirements of the MIFIDPRU Remuneration Code.
Our financial remuneration system aims to reward staff who deliver long-term performance for our clients. We believe this reduces the risk of short-term decision-making and promotes alignment of staff interests with Company and client objectives. There are four elements that influence the level of financial reward earned by our staff, in addition to our overall profitability:

• investment performance;
• alignment with Responsible Investment culture;
• client satisfaction; and
• risk management.

The Company has complied with MIFIDPRU 8 in a manner which is appropriate to its size, internal organisation and to the nature, scope and complexity of activities undertaken. The remuneration codes applicable to the Firm permit a proportionate application of the rules and accordingly the Company has opted to not disclose all details on the grounds of confidentiality. Staff are not employed directly by the Company but by a group company, Cushman & Wakefield Debenham Tie Leung Limited, and staff costs are recharged accordingly.

Basis of Remuneration
Remuneration at the Company is made up of a combination of fixed (salary) and variable, performance-related (bonus) components, both short-term and long-term. The fixed component represents a sufficiently high proportion of each employee’s total remuneration to enable the operation of a flexible policy on variable remuneration, allowing for the possibility of paying lower, or zero, variable remuneration in the event that the Company reports a loss and/or may not be able to meet its capital or liquidity regulatory requirements. For senior investment professionals, performance-related pay is subject to deferral or clawback against future performance.

Salaries are determined in line with other investment management firms of a similar size to attract and retain appropriately skilled staff. Salaries are normally reviewed in April each year, although changes can be made at other times of the year to reflect changes in responsibility or promotions and/or significant changes in market levels.

The Company currently operates a discretionary bonus scheme with bonuses being paid annually in April based on performance for the previous year. The size of the overall bonus pool is determined according to profit for the previous financial year and based in a consistent formula year on year.

The Company’s discretionary bonus pool is allocated to members of staff by the Cushman & Wakefield group reward team taking into account the recommendations of the Company's senior leadership. All employees are eligible to receive a discretionary bonus. The amount each person receives takes account of the extent to which that person has met the targets set out in Remuneration Policy and Practices, above.

Bonuses are paid in cash in April of each year, with senior members of staff subject to deferral and in some cases claw-back provisions.

The Company also operates long-term incentive schemes for certain members of staff, with eligibility based on involvement with the establishment and management of third-party investment vehicles in which the Company co-invests. The Company's policy requires eligible members of staff to co-invest post-tax earnings in long-term funds in order to be eligible to participate in potential carried interests from such underlying funds.

Governance and Oversight
As part of the Cushman & Wakefield group, the Company's remuneration policy and practices are subject to group-wide processes and review. On that basis, the Company does not have a remuneration committee as external oversight is provided by the Cushman & Wakefield global reward team, none of whom are involved in the day-to-day running of the Company. The reward team is responsible for setting and overseeing the implementation of the Company’s remuneration policy and practice and ensures that policy and practices take into account the long-term interests of the Company’s shareholders, investors and other stakeholders and that policy is consistent with the long-term objectives of the Company.

Quantitative Remuneration Disclosures
For the financial year ended on 31 December 2022, the total amount of remuneration (including employer’s national insurance contributions) awarded to all staff was £1.1 million, of which £0.9 million comprised the fixed component of remuneration, and £0.2 million comprised the variable component.
Approved by the Board 27 September 2023