The members of the Remuneration Committee at any time when remuneration for the year was considered were:
The Remuneration Committee is responsible for determining the total compensation for individual executive directors within the policy agreed by the Board and has oversight of the performance evaluations and compensation proposals for the most senior executives below Board level. It approves the annual objectives for executive directors and reviews their performance against these objectives. The Remuneration Committee determines the contractual termination terms for executive directors and approves any severance payments or arrangements. It also reviews and recommends to the Board the total compensation for the Chairman.
The Remuneration Committee reviews and approves the performance evaluation of senior management and approves their total annual compensation. It sets the performance conditions and vesting criteria attached to share incentive plans and determines the extent to which these have been achieved each year.
The Remuneration Committee keeps itself informed about evolving best practice in executive remuneration and other relevant developments, and seeks advice from independent advisors as appropriate. During the year, the Committee was assisted by and took advice on the structure and level of remuneration from the Group Head of HR and the Chief Executive. Patterson Associates was engaged by the Committee and has provided advice to it regarding the changes to the structure of and performance measures for executive directors' incentives introduced during the year. They have not provided other services. McLagan and Towers Watson have been engaged by management to provide comprehensive independent compensation survey data where available.
