Arrears refer to the status of payments that are past their due date. This term is commonly used to describe an obligation or liability that has not been settled by its specified payment date. Simply put, an overdue payment is considered to be in arrears.
Director Fees and Arrears of Payment
There is a correlation between director fees and arrears of payment. According to the remuneration framework:
Directors' fees are paid monthly in arrears, meaning the payment is made after each month of completed service by the Non-Executive Directors during the financial year.
(Reference: Remuneration Framework for Directors)
Note: In the report, the arrears figure is presented as a standalone amount. It is not combined with the gross total or net pay figures.