The current environment for incentives is challenging. For many clients, the response is cautious: nothing must be done to upset investors and the recruitment and retention position does not merit active incentive work, but that does not mean that existing structures cannot be looked at with a view to savings or their more efficient use. For other clients extra creativity is needed – in devising new arrangements which satisfy both investors and managers, which have demanding yet achievable targets and which can be implemented in a cost-effective way.

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