Remuneration committee

The committee comprises Messrs Davis, Le Goff, Stein and Duff (pictured), who chairs the committee, all of whom are independent within the definition set out in the Code.

The committee met five times during FY 2009 and Director attendance for each meeting is shown in the table on the Meetings attendance page. The committee has delegated authority to deal with remuneration matters, including pension rights and any compensation payments on behalf of the Board. It is responsible for setting the remuneration of the Executive Directors and the Group Company Secretary in accordance with the remuneration policy approved by the Board.

It is also responsible for determining the fees of the Chairman and for monitoring and approving the remuneration policy in relation to senior managers below Board level. The committee prepares, for the Board's approval, the Remuneration report, which is presented to shareholders at each Annual General Meeting.