Remuneration report
Dick Olver
Non-Executive Directors’ Fees Committee Chairman
Members
Dick Olver (Chairman)
Philip Bramwell
Walt Havenstein
Mike Turner
Responsibilities
- Reviewing the fees payable to non-executive directors (excluding the Chairman) and making changes to such fees as deemed appropriate.
Governance
The Non-Executive Directors’ Fees Committee has delegated authority from the Board to agree fees payable to non-executive directors on its behalf.
Activities
The Board has approved the following guidelines to be used by the Committee when discharging its responsibilities:
- fees shall be sufficient to attract and retain individuals with the necessary skills, experience and knowledge required to ensure that the Board is able to discharge its duties effectively;
- in setting fees the Committee shall have regard to the amount of time individual non-executive directors are required to devote to their duties and also the scale and complexity and international nature of the business and the responsibility involved;
- fees payable to non-executive directors shall be paid in cash and shall not be performance-related; and
- non-executive directors shall not participate in the Company’s share-based incentive schemes or pension scheme.
The Committee held one meeting in 2007 attended by all members, and met in January 2008.
On behalf of the Non-Executive Directors’ Fees Committee
Dick Olver
Non-Executive Directors’ Fees Committee Chairman
