roles and responsibilities
The Remuneration Committee is responsible for overseeing all elements of the remuneration of the executive directors, other members of the Group Executive Committee and the chairman of the board.
It also agrees with the board the framework and policy for the remuneration of other senior managers of the Group and reviews and recommends to the board the remuneration of the company secretary.
In determining remuneration policy, the committee takes into account a variety of legal and regulatory requirements and the relevant provisions of the UK Corporate Governance Code.
The committee also determines policy on the duration, notice period and termination payments under the contracts with the executive directors, with a view to recognising service to the company whilst ensuring that failure is not rewarded and that the duty to mitigate loss is recognised.
The committee approves the design and determines the measures and formulae for performance-related pay schemes operated by the company. It approves the eligibility of executive directors and other Group Executive Committee members for annual bonuses and benefts under long-term incentive plans and assesses performance against the objectives of those plans. No directors are involved in determining their own remuneration.