Under the Investment Firms Prudential Regime (IFPR) firms have obligations to make certain public disclosures.  This document provides an overview of our responsibilities in regard to these, and the disclosures themselves.


Our Remuneration Policy contains the qualitative data we are required to declare.  This is published alongside this document.


Remuneration paid to all staff for 2023:

Total Fixed Remuneration (£) Total Variable Remuneration (£) Total Remuneration (£)


Variable Remuneration £44,828

Dividend                      £145,520

Total:                           £190,348

Excluding Dividend £632,392

Including Dividend £777,912

Fixed Remuneration consists of salaries and 3% of employer pension contributions.

Variable Remuneration above consists of 5% of employer pension contributions and bonuses paid to employees.

During 2023 dividends in relation to 2022 profits were paid on 68,000 B shares in April and October.  These shares had been made available to members of staff via Share Option Schemes.  Whilst no shares or share options were issued in lieu of, or as, salary or bonus, the FCA require us to classify these dividends as variable remuneration, and we have therefore listed them separately in the above data.


We are required to provide a summary of any significant changes from the previous disclosure, though we have provided a summary comparing all remuneration costs, as most have changed significantly.  Reasons for the variances are detailed below.

Remuneration 2022 2023 Difference
Fixed Remuneration £538,553 £587,564 +9.1%
Variable Remuneration £81,934 £44,828 -45.3%
Dividend £114,720 £145,520 +26.9%
Total Variable Remuneration £196,654 £190,348 -3.2%
Total Remuneration excluding Dividend £620,487 £632,392 +1.9%
Total Remuneration including Dividend £735,207 £777,912 +5.8%

High inflation pushed up salaries and pension contributions more than usual.

In both 2022 and 2023 no bonuses were paid as part of the company-wide bonus scheme, as targets were not reached due to market conditions having an adverse impact on the value of assets under management and investor sentiment.  However, 6% and 3% End of Year Bonuses were paid in 2022 and 2023 respectively to all staff except the NED, to reward commitment during these challenging times.

As dividends are based on profits they are expected to fluctuate from year to year.


As a Small Non-Interconnect firm Altorfer is exempt from reporting the remuneration split between senior management, ‘material risk takers’, and other staff.

As a Small Non-Interconnect firm Altorfer is exempt from the reporting obligations on risk management, governance arrangements, own funds, and own funds requirements.

As Altorfer has not issued any Additional Tier 1 capital instruments we are exempt from disclosures on risk management arrangements, own funds, and own funds requirements.