The remuneration committee has been chaired by Lord Renwick,
while the other members were Mr Kahn, Lord Fellowes,
Mr Manser and Mr Morland. During the year under review the
committee had a majority of independent non-executive directors.
The company notes that the new Combined Code requires
that all members of the committee be independent non-executive
directors. In order to take the company closer to compliance in
this respect, Mr Kahn will be stepping down from the committee
and Mr Morland will take over from Lord Renwick as chairman.
The board considers that Lord Renwick brings particular skills and
experience to the work of the remuneration committee.
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