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
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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