The compensation Quilter paid to its senior management in 2020 fell 37% as adjusted pre-tax profits for the group fell from £182m in 2019 to £168m.

Earlier this month the wealth management and Financial Planning giant reported strong “headwinds” affecting its financial results in 2020 included a £5m rise in costs due to the Coronavirus pandemic. Other costs also rose including acquisition costs, a higher FSCS levy and higher regulatory expenses of £7m.

In its notice of calling an Annual General Meeting announced today, the firm said total compensation of key management personnel fell 37% to £10.88m (2019: £17.37m).

The firm has called an AGM for 8 April. Due to Coronavirus guidance, it has requested that shareholders do not attend in person.

In the notice, the firm also said that it intends to propose a resolution to purchase 176,961,074 of ordinary shares currently listed on the Johannesburg Stock Exchange as part of its share buyback programme.

The shares are currently owned by JP Morgan Equities South Africa and Goldman Sachs International.

The share buyback programme was launched in March 2020 and so far 132.6m shares have been acquired at an average price of 132p per share.