The committee consists entirely of independent directors: Mr Morland (Chairman), Lord Fellowes, Mr Manzoni and Mr Manser.
The committee is empowered by the board to set short-term, medium-term and long-term remuneration for the executive directors. More generally, the committee is responsible for the assessment and approval of a broad remuneration strategy for the group and for the operation of the company’s share-based incentive plans. This includes determination of short-term and long-term incentives for executives across the group.
During the year to 31 March 2008 the remuneration committee has implemented its strategy of ensuring that employees and executives are rewarded for their contribution to the group’s operating and financial performance at levels which take account of industry, market and country benchmarks. To ensure that the executives’ goals are aligned to those of the company, share incentives are considered to be critical elements of executive incentive pay. During the year to 31 MArch 2008, the committee engaged the services of consultants, Kepler Associates and Mercer Human Resource Consulting (Mercer). At levels below the company’s executive committee, the company’s management consults, among others, Hay Consulting, Ernst & Young and Towers Perrin, on a project basis.
Note: You can also view our remuneration committee terms of reference.