The Committee determines the remuneration of the Chairman and the Executive Directors (Tier 1) and the next level of senior executives (Tier 2) on behalf of the Board and has formal Terms of Reference set by the Board modelled on the 2008 Code. 

Members of the Committee have no personal financial interest (other than as shareholders) in the matters to be decided and no day-to-day involvement in the running of the business of the Group.

The Report on Directors’ Remuneration, details the constitution and role of the Remuneration Committee, and how the principles of the Code relating to Directors’ remuneration have been applied are detailed annually in the Directors Remuneration Report.

Annual General Meeting

A resolution to approve the Committee’s report on Directors’ remuneration is tabled at each years AGM.