Remuneration Committee
| Remuneration Committee: | Clare Spottiswoode (Chairman) David Bamford Steven McTiernan Pat Plunkett David Williams |
- View the Remuneration Committee Terms of Reference.
- The Directors’ Remuneration Report on pages 57 to 66 of the 2007 annual report contains details of the role and activities of the Remuneration Committee.
The main responsibilities of the Committee are:
- Determining and agreeing with the Board the remuneration policy for the Chief Executive, Chairman, Executive Directors and senior executives;
- Approving the design of, and determining targets for, an annual performance-related pay scheme for the Executive Directors and senior executives;
- Reviewing the design of share incentive plans for approval by the Board and shareholders and determining the annual award policy to Executive Directors and senior executives under existing plans; and
- Within the terms of the agreed policy, determining the remainder of the remuneration packages (principally comprising salary and pension) for each Executive Director and senior executive.
The Chief Executive and other relevant executives are invited to attend meetings of the Committee but do not take part in any decision affecting their own remuneration. The Company Chairman, Pat Plunkett, also absents himself during discussion relating to his own fees. The Committee has previously appointed New Bridge Street Consultants LLP who remain its independent remuneration advisers. They also provide technical advice to the Company in connection with the operation of its share incentive arrangements.
A statement outlining the business relationship with New Bridge Street Consultants can be viewed here . The Committee also consults with the Company’s major investors and investor representative groups as appropriate.
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