Remuneration Committee

Ian Cormack is the Chairman of the Remuneration Committee. The other members are David Barnes and Isabel Hudson. The composition of the Committee is in accordance with the requirements of the Code that the Remuneration Committee should consist of at least three independent Non-Executive Directors. The Remuneration Committee met eight times during 2011.

The Remuneration Committee is responsible for making recommendations to the Board on the Company’s remuneration and compensation plans, policies and practices and for determining, within agreed terms of reference, specific remuneration packages for the Executive Directors. These include pension rights and executive incentive schemes to encourage superior performance. Details of the remuneration structure and the Committee's activities in 2011 are provided in the Remuneration report.

Hewitt New Bridge Street (up to August 2011) and FIT Remuneration Consultants (from August 2011) provided advice to the Remuneration Committee and are independent of the Company.

Remuneration Committee Terms of Reference
FSA Remuneration Disclosures