Composition and terms of reference of the remuneration committee

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During the financial year ended 31 March 2004 the members of the remuneration committee were Lord Renwick of Clifton (in the chair), Lord Fellowes, Mr Kahn, Mr Morland and Mr Manser. Mr Bible joined meetings as an observer and also present were the chief executive, Mr Mackay, and the group secretary, Mr Tonkinson, other than when their own remuneration was discussed.

Following the company’s annual general meeting, with effect from 1 August 2004, Lord Renwick will be standing down as remuneration committee chairman and Mr Morland will assume the chair. Mr Kahn, as chairman of the board, will step down from the committee.

The remuneration committee deals with the remuneration of the executive directors and other members of the executive committee, as well as approving all grants and awards under the company’s share incentive plans, in accordance with its terms of reference approved by the board. Consideration is also given to the company’s group-wide compensation and incentive policies to ensure alignment.

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