Non-executive director remuneration is approved by the Board as a whole on the recommendation of the chairman and executive directors.
The Company’s policy on non-executive director remuneration is based on the following key principles:
It is the intention that this policy will continue to apply for 2009 and subsequent years, subject to ongoing review as appropriate.
The Board reviews non-executive directors’ fees periodically to ensure that they remain market-competitive. The most recent review, in February 2009, concluded that no change should be made to these fees for 2009. Additional fees are paid to the chairmen of Board committees and to the senior independent director (SID). Should non-executive directors acquire executive board roles within subsidiaries of the Company, then they might also receive additional remuneration from the relevant subsidiaries on account of these increased responsibilities.